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These resources are an important part of the economy and are what I manage at work for my company.
At work we use all four factors of production to produce and deliver products and services for our customers. Land is necessary for us to build our telephone switch buildings and to lay cable. Labor answers customer service calls, installs telephone equipment, and creates marketing plans...
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Labor answers customer service calls, installs telephone equipment, and creates marketing plans. Capital is necessary for manufacturing telephones. Entrepreneurial ability is necessary to devise and implement business plans for revenue generation (McConnell & Brue, 2004, Chap. 2, p. 23).
"Land, labor, capital,
and entrepreneurial ability (?) are combined to produce goods and services, they are called the factors of production"
(McConnell & Brue, 2004, Chap...
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