What are the Factors of production ? List each one with a reason why each is a key to wealth.
Factors of Production are resources that are used to create wealth. Such as Land, Labor, Capital, Entrepreneurship,and knowledge.
Land and other natural resources are used to make homes, cars , and other products.
Labor : People have always been an important resource in producing goods and services, but many people are now being used replaced by Tech.
Capital:Capital includes machines,tools, building and other means of manufacturing.
Entrepreneurship: All the resources in the world have little value unless Entrepreneurs are willing to take the risk of starting businesses to use those resources.
Knowledge: Information Tech. has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.