![]() ![]() The productivity of entrepreneurship depends on factors like creativity, innovation, and the ability to take risks. It involves identifying opportunities, taking calculated risks, and organizing resources for production. Entrepreneurship is essential for driving economic growth and development. Entrepreneurship - This refers to the ability to take risks, innovate, and organize resources for production. The productivity of capital depends on factors like technology, innovation, and the availability of financing.Ĥ. ![]() ![]() Capital is essential for increasing productivity and efficiency. It is a man-made factor of production and is created by human effort. Capital - Capital refers to the tools, machinery, equipment, and other man-made resources that are used in production. The productivity of labor depends on factors like education, skills, and training.ģ. Labor is an essential factor of production as it is required to convert the raw materials into finished products. It includes both physical and mental effort. Labor - Labor refers to the human effort put into production. The productivity of land depends on various factors like climate, soil type, and availability of water.Ģ. The land is a finite resource and its availability is limited. It includes all physical resources like forests, minerals, water bodies, and arable land. Land - This refers to all the natural resources that are available for economic activities. There are four main factors of production which are essential for any economy to function. ![]()
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