Four elements of production are land, ____, capital, and entrepreneurs.

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Detailed Solution

Four elements of production are land, Labour, capital, and entrepreneurs.
Labour is the factor of production apart from land, capital, and entrepreneurs. Labour is one of the best resources that a country can get. Other resources are of little use if a country does not have a sufficient labour force. Only people can put other resources like land, capital, and entrepreneurship to their best use. But these people must be good enough to make the best decisions concerning the use of other resources. Investments in education and health help to realise and improve the potential of people. These people can then work for the economic and social welfare of an economy.

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