Factors of production refers to as resources which used in production of goods and services. There are four main factors of production in economic context which are land, labour, capital and entrepreneurship whereby through these resources entrepreneurs can make profits.

Land:
Land involves every natural resources found in it that can be used in the production of goods or services. Example of natural resources found in land include minerals, forests, water but also land itself. Land provides raw materials for production of goods as well as a space for setting up production unit.

Labour:
Labour involves physical and mental efforts that someone contribute in a production process usually in exchange of money (salary). Labour can be skilled or unskilled. Skilled labor are experts and are always limited and expensive to employ than unskilled one. Labour is probably a most difficult resource to deal with because it involves human beings.

Capital:
Capital are all man made goods, products or assets which used in production of goods and services. Example of capital goods include buildings, computers, machines and roads, but also permanent improvement of land such as fences and terraces are included in capital. Moreover, money is not considered directly as capital unless is used to buy real capitals. There are three categories of capital which are fixed capital, operating or working capital and liquid capital. Fixed capital are producer goods that are completely not used in production process, for example buildings and machinery. Operating or working capital are the raw materials that normally completely used in a production process, for example fuel and cotton wool. Liquid capital is money that used to acquire real capital goods or assets that can be used in production of goods or services.

Entrepreneurship:
Entrepreneurship sometimes known as entrepreneurial talent, is the ability of making profit through utilization of resources which are land, labour and capital.

References:
1. https://mzalendoboy..com/2024/01/4-factors-of-production.html?m=1
2. https://www.jamiiforums.com/threads/the-4-factors-of-production-in-economics.2320435