Write about the factors of production. Be detailed.
In economics, factors of production, are what are used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of Production: land, Labor, enterprise and Capital. Each component is assigned as specific role to complete as such any failure in one component leads to output of lo quality. In this paper I will discuss the basic components that makes up factors of production, highlighting the interrelatedness that encompasses each of them and how they constitute to the realization of set objectives by organizations and individuals.