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What is a factor of production? A factor of production is a resource that is used in the production of goods or services. There are four main factors of production: Land: Land includes all natural resources, such as minerals, forests, and fertile soil. Labour: Labor refers to the work performed by people, including physical and mental effort. Capital: Capital includes the tools, machinery, and other resources that are used to produce goods or services. Entrepreneurial ability: Entrepreneurial ability refers to the skill and initiative of the person or organization responsible for organizing the other factors of production in order to create goods or services. These factors of production are used in combination to create value and wealth. For example, a farmer might use land, labor, and capital (such as tractors and irrigation systems) to grow crops, while an entrepreneur might use the entrepreneurial ability to organize these factors and start a business selling the crops. The combination of these factors of production determines the efficiency and productivity of the economy as a whole. Visit Site Ad Film Production House Gurgaon