let's have a session on the factors of production so the factors of production are the economic resources including land labor capital and Entrepreneurship and the important thing about these four factors of production are that they are used to produce goods and services a way to remember the factors of production is think sell cell stands for Capital Enterprise land and labor let's go through each in a bit more detail we start with land so land represents the natural resources and the physical space where production occurs and the next one is labor labor represents the human effort the human skill applied to the production process Capital well Capital refers to the tools the machinery and the financial resources used in production and the last one entrepreneurship well entrepreneurship encompasses The Innovation the organization and the risk-taking remember it's an entrepreneur that will be driving the entrepreneurship and the risk taken that drives the production tion process so they are the facts of production and when you think about these four facts of production they are essentially the inputs in this process so the inputs are the F of reduction a business itself is the transformation process it's the business that converts these F reduction into the outputs and those outputs are of course goods and services I hope that helps on F reduction see the next sash