GENERAL KNOWLEDGE

Detailed explanation-1: -Entrepreneurship as a factor of production is a combination of the other three factors. Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers. Entrepreneurship is involved with establishing innovative ideas and putting that into action by planning and organizing production.

Detailed explanation-2: -The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit.

Detailed explanation-3: -Entrepreneurship. Entrepreneurs are the people who combine the other factors of production – land, labor and capital – to generate profit. You can think back to McDonald’s franchiser Ray Kroc as an example of the entrepreneurial factor of production.

Detailed explanation-4: -Enterprise – having an idea of how to use the land, labour and capital to make a profit.

Detailed explanation-5: -These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.