Factors of Production: Land, Labour, Capital and Entrepreneurship

Lecture slides that introduce the factors of production as the resources which make finished goods and services possible, then take each in turn: land and its classification, the issue of fertile and barren land left unutilised, labour as human effort of head and hand, capital as the machinery, tools and buildings used in production, and the entrepreneur who combines the other three to earn a profit and innovates new goods for the market. Includes a chart of the factors, the argument for an optimum combination of them in any business, and the conclusion that production is a function of all four with none dispensable.