The land is a factor of land that incorporates any regular asset used to deliver products and enterprises. This incorporates land, yet anything that originates from the land. Crude oil represents the factor of creation, land. Crude oil in the ground is a characteristic asset since it is found (not fabricated) and can be utilized to create products and enterprises.
Labor
In economic terms, labor is the effort exerted to produce any goods or services. It incorporates a wide range of human endeavors – physical effort, mental exercise, utilization of insight, and so forth done in return for a monetary prize. Farming represents the factor of production, labor because while working on the fields, farmers produce food. As with every other job, workers receive wages for the work that they have done.
Physical Capital
Physical capital consists of man-made goods that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital. A tractor represents the factor of production, physical capital because they are are beneficial in the agricultural industry (production process). Tractors are essential necessities of farming as they provide mechanical power for performing farm applications. These man-made goods improve productivity and help drive economic growth.
Human Capital
Human capital refers to the production factors, coming from human beings, we use to create goods and services. Our knowledge, skills, habits, and social and personality attributes all form part of the human capital that contributes to the creation of goods and services. Leadership represents the factor of production, labor. This is because it helps to maximize efficiency and achieve organizational goals. Leadership is required to successfully execute a business's goals.
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