Basically, human activity can be broken down into two component parts,
producing and consuming.
There are four components in the
factors of production that are widely agreed upon. Namely these are
land, lab our, capital and organization/entrepreneurship.
it is very difficult to produce wealth and includes not only the site
of production but natural resources above or below the soil.
In economics, factors of production are any commodities or services used to produce goods and services.
principal factors enable production but do not become part of the
product are nor become considerably transformed
by the production process.
reckon the state of technology is now also factors of production but in
its most basic and classical definition, it can be ignored, but closely
check the theoretical angle that you’re expected to come from.