Question

Provide one example for each of the four factors of production which you have personally provided.

Answer 1

Land- Land is short to create supply for all the natural resources available. It includes the raw property and whatever comes from the ground. It may be a resource which is non-renewable. That includes such commodities as oil and gold. Like timber, it can also be a renewable resource. Once it is changed by man from its original state it becomes a capital good. Oil, for instance, is a natural resource but gasoline is a good capital. Farmland is a natural resource, but the capital good is a shopping centre.

Labor- Labor is the work people do. The labor force's value depends on the education, skills , and motivation of the workers. It also hinges on productivity. That measures how much output produces every hour of worker's time. The labour-reward or income is wages.
The United States has a large, skilled, and mobile workforce that is quick to respond to changing business needs. It also gains from improvements in efficiency due to technical advances. The US labor force, on the other hand, faces growing pressure from other countries. That's one reason why they outsource American jobs.

Capital- Capital is short for capital goods. These are man-made objects such as machinery , equipment and chemicals used in manufacturing. That is what sets them apart from consumer goods. Capital assets include, for example, industrial and commercial buildings but not private homes. A passenger plane is a capital product, but it is not a private jet. The revenue earned by the capital goods owners is called interest.
The US is a technological innovator in capital goods creation, from aircraft to robots. Of this reason, Silicon Valley is a key competitive advantage on the global market

Entrepreneurship- Entrepreneurship is the drive to transform an idea into a company. An entrepreneur aggregates the other three production factors to add to supply. Innovative risk-takers are the most effective. The revenue entrepreneurs receive is income. In the United States most entrepreneurs own small businesses. There are 30,2 million small businesses in the U.S., and 47,5 per cent of workers work for a small company. One reason small businesses do so well is that it is fairly easy to get financed compared to other countries. Others collect funds by launching an initial public offering on the stock exchange. Those companies' shares are called Small Cap Stocks