FACTORS OF PRODUCTION

LAND
This are the natural physical resources that are available for production.This includes a wide range of things such as mineral deposits like oil and coal,the earth's rivers and lakes.It can also be use to describe the natural resources such as sea,sand and sun that have been so important for the development of tourism and leisure activities.

LABOUR
This is the human resource that is available in any economy.The quality and quantity are really important considerations.Some economies,particularly the world's poorest countries, often have large populations but suffer from lack of a welltrained and well educates workforce.Other countries such as Germany and Italy,have declinig populations and rely on immigrant workers to do both skilled and unskilled jobs.

CAPITAL
This is a form of physical resource covering anything that can be regarded as manmade aid for production.Its fuction is to combine with land and labour to produce goods and services that are required by the population.It includes items such as factories,office blocks,machinery,information technology,infrastructure and so on.

ENTREPRENEURSHIP
This is a very particular form of human capital.It has to main functions.First,it refers to enterprise whereby the other factors of production are organised in order to produce goods and services.Second,it refers to the ability and inventiveness of those who are prepared to take risks.