The five factors of production

Everything we do is to receive something in return. For example, we give labor to receive money. It all comes down to make a profit.

The factors of production are any service used to produce goods and services. Here are the 5 factors:

Capital – It is all the goods that help in the productive process. For example: building, machine, tools

Land – Resources provided by water, wood, veggies, mineral, oil

Labor – Human effort in producing goods and services

Finance – Money

Entrepreneurship – PROFIT

Capital – Interest

Land – Rent

Labour – Wages

What is in his wheelbarrow is to make a profit.

Josée Cyr