These are what I learned from my Economics (land reform and Taxation)
Factors of production
1.land –refers to the gifts of nature or the natural resources
2.labor – refers to the man power or the exertion of human effort to acquire an income
3.capital – refers to produced goods which will be used to produce other goods
Is money a capital?
NO! Money is an instrument used to acquire land, labor and capital to produce goods.
4.entrepreneur - is the one who combines land labor and capital to produce goods for profit