An economy can grow even if it's missing an important factor. For example, a country with no Natural Resources could still rely on skilled workers and technology.
The Five factors of production are:Land, Labor, Capital, Entrepreneurship and Knowledge-Land-Labor-capital-entrepreneurship-natural resources
Factors of Production
Factors of Production 1. Land 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge
The four eras of business are natural resources, capital, personal resources, and entrepreneurship. The factors of production have changed through these eras by what drives the business will change.
capital:man-made machines usedentrepreneurship:person that starts a businessland:all natural resources found in the landlabor:all human resources
The Five factors of production are:Land, Labor, Capital, Entrepreneurship and Knowledge-Land-Labor-capital-entrepreneurship-natural resources
Factors of Production
The four factors of production are: Natural resources Capital Labour Entrepreneurship.
Factors of production are essential conditions or resources that favor economic production, and include land, labor, entrepreneurship, and capital.
Labour Land Capital Entrepreneurship
The three main ones are land, labor and capital. Some people consider entrepreneurship and natural resources.
Discuss how the factors of production (natural resources, capital, human resources and entrepreneurship) have changed throughout the four eras of business.
The Factors of Production are Land, Labor, Capital(Wealth), and Natural Resources
Factors of Production 1. Land 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge
The four eras of business are natural resources, capital, personal resources, and entrepreneurship. The factors of production have changed through these eras by what drives the business will change.
capital:man-made machines usedentrepreneurship:person that starts a businessland:all natural resources found in the landlabor:all human resources
Land, labor, capital, and entrepreneurship.