GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -Factors of production often include land, labor, capital goods and entrepreneurship. Entrepreneurship is a factor of production that can involve all other factors, and is typically considered vital for boosting economies.

Detailed explanation-3: -The above statement is: True Production of any good or service is done with the help of various factors which are called the factors of production. These factors include land, labor entrepreneurship and capital.

Detailed explanation-4: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-5: -Personality, social conditions, social support, education and training etc. factors lay an important role for developing such skills and motivate an individual to become an entrepreneur. Industrial development. More suitable the industrial environment in a nation, more rapid development of entrepreneurship.