FACTORS OF PRODUCTION
Image source: PIXABAY CC0
In any business enterprise, there are four factors of production which are key to the existence or even creation of the company.
CAPITAL: This can be termed to be any resources or asset used to commence a business. Is not only money that makes up capital. If you have a personal car or house and its converted to business use, such car or house is termed as capital.
LAND: This is the place production takes place. It can either be a rented apartment, open space etc. Its a point where human makes his product or services.
LABOUR: This is tagged the most important part of production, no matter the place of computer or technology, it still need a human to control it or give it necessary order.
Entrepreneur.: This is the being that coordinate all other factors of production. He bears the risk, loss and profit.
All the factors are needed for a business to operate and succeed.
Thanks for reading.
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