To produce the necessary economic benefits, people use the resources of nature, their labor and abilities, as well as special adaptations (tools). These are all factors of production. The main factors of production:
Labor is the activity of people in the production of goods and services by using their physical and intellectual capabilities, professional skills and experience.
Earth – all types of natural resources available on the planet and suitable for the production of economic benefits.
Capital includes buildings and structures, equipment, infrastructure and other values that make up physical capital, as well as the amount of money available to economic entities (money capital).
Entrepreneurial ability is the special ability of a person to correctly assess demand, coordinate the use of resources and take the risk of losing investment in business.
Information – all knowledge and information necessary for qualified economic activity.
Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.