Factors of Production: The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups:
- Land - all natural resources (minerals and other raw materials).
- Labour-all human resources.
- Capital - all man-made aids to production (machinery, equipment and so on).
• Enterprise - entrepreneurial ability. The rate of economic growth that an economy can manage will be affected by the quantity and the quality of the factors of production they have.