The five factors of production include land, labor,
capital, entrepreneurship, and knowledge. Land is considered as the primary because
these are the pre-existent resources readily available from nature however,
nowadays, these are already bought and passed down from generations. Capital is
the money used for the production which needs to be returned when one invests
on something. Labor is the person’s inputs which is very valuable. Entrepreneurship
is how the person transact according to how the people negotiate. And knowledge
is one of human’s invaluable efforts of giving the ideas.
