Factors of Production:
There are four basic factors of production
Land: Includes the ground and natural resources such as crude oil, water and minerals.
Labor: Includes skilled and unskilled labor. Both the quantity and the quality of human resources are included in the labor factor (e.g., skilled Embassy unskilled …etc).
Capital: Final goods produced to be used as inputs in further production. It includes machines, equipment, buil dings. Example: residents of a fishing village in southern Thailand braided huge fishing nets to catch more fish. The certified by the Canadian Embassy nets are regarded as capital.
Entrepreneurship: This factor of production is related to how well a given quantity of resources can be used in production. Entrepreneur is the person who sees the opportunity of new or better products and brings together the resources needed for producing them. The entrepreneur is an organizer and a risk taker.