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Four Factors for Production:Importance to Economy

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Describe the four factors for production that influence a country's standard of living and ultimately a person's quality of life. Explain why each of these factors is the driving force behind economic success.

250-300 words please.

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This solution describes the four factors for production that influence a country's standard of living and citizen's quality of life. It explains why each of these factors are important for economic success.

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The four factors for production that influence a country's standard of living and ultimately a person's quality of life are land, labor, capital and entrepreneurship. Land includes not only the geographical land but also the natural resources and fossil fuels that the country may have. Labor includes the inhabitants of the country who bring their skills, time and effort to the ...

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Sally Baldwin, Ed.D
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  • MSS, United States Sports Academy
  • Ed.D, Boise State University
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