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Factors of production (Labour (It consists of the physical and mental…
Factors of production
Labour
It consists of the physical and mental efforts of employees, which is necessary for production.
waiters
employee
lawyer
teachers
workers
engineers
airline stewardess
policeman
Land
Trees
It includes both physical land and natural resources, which used by companies as the materials to produce goods.
Water
soil
Cotton
Petroleum
coal
oil
Capital
equipments
It was used by companies to produce goods
machines
robots
desks
tools
technology
chairs
Enterprise
The factor that brings other three factors together to produce goods.
boss
CEO
handmaster(who sets up the school)
organizer
