This video explains the meaning of factors of production. It also explains all the four factors of production namely; Land, Labour, capital and enterprise. It also identifies landlords as people who provide land and Capitalists as those who provide capital. The video also states that people who provide labour are known as workers while those with the ability of managing the other factors of production are known as Entrepreneurs. This video also provides that Landlords, Workers, Capitalists and Entrepreneurs receive rent or rates, salaries or wages, interest and profits or losses respectively. It also explains that without these factors of production, no production would take place.
