The inputs used in the production of goods or services to make an economic profit are known as _________.

🔑Key Points:
The inputs utilized in the creation of goods or services to generate a profit are referred to as factors of production.
These include all materials required for producing a good or service.
Land, labor, capital, and entrepreneurship are the production factors.
The overall factors of production can be impacted by the status of technical development, which can also account for any efficiencies not directly related to the four traditional components.

🔴Additional Information:
Four factors of production—land, labor, capital, and entrepreneurship.

• Land:
Every natural resource utilized to produce goods and services is included in land.
Water, oil, copper, natural gas, coal, and forests are a few examples.
The raw materials used in the industrial process are land resources. These resources can be both renewable and nonrenewable.

• Labor:
The effort that people put forth to produce goods and services is referred to as labor. 
The income earned by labor resources is called wages and is the largest source of income for most people.

• Capital:
Consider capital as the equipment, tools, and buildings that people utilize to produce commodities and services.
Depending on the worker and the sort of job being done, capital varies.
Interest is the source of income for owners of capital resources.

• Entrepreneurship:
An entrepreneur is a person who uses capital, labor, and other production elements in combination to turn a profit.
Profit is how entrepreneurship gets compensated.