What are the factors of production? Explain each one.

- Natural resources: items used in the production of goods and services in their natural state, including land, water, minerals, and trees
- Labour: the mental and physical training and talents of people; sometimes called human resources
- Capital: the funds needed to operate an enterprise
- Entrepreneur: an individual who organizes and manages natural resources, labour, and capital to produce goods and services to earn a profit, but who also runs the risk of failure
- Newer perspectives tend to broaden the idea of "natural resources" to include all physical resources
- While the production of tangible goods once dominated most economic systems, today information resources play a major role