Factors of productions are the natural and unnatural resources or inputs used in production of goods and services. They fall into four general categories which are land, labour, capital and entrepreneurial talent.
1. Land
Land is distinguishable as being fixed in its supply. It includes surface land, minerals, and and other natural resources found in the air, soil and sea.
2. Labour
Labour is composed of all human physical and mental abilities and qualities used in production of goods and services.
3. Capital
Capital includes produced goods such as machines, buildings, computers and others which are used as inputs for production.
4. Entrepreneurial talent
This involves human decision making, invention, skills and knowledge.
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