![]() ![]() In order to be successful, businesses must often utilize all four factors of production in a balanced way. For example, a farmer may also use capital in the form of irrigation systems and machinery, and an entrepreneur may use their land and labor to start a farm. The four main factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and drive, which are used together to make a successful attempt at selling a product or service according to traditional economic. It is important to note that these factors of production are not mutually exclusive. Think About It: Imagine you have a chocolate chip cookie Consider all the different things needed to make this cookie. ![]()
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