What are the four primary groups of production?

The foundation of an economy, particularly in the case of a traditional economy, falls into four categories. These four categories are called the primary groups or factors of production. Factors of production can be defined as the economic inputs that result in a profit being made. The first group is land, which includes natural resources from the earth that are used to create products or goods. The second group is labor. Labor is work done by employees or laborers and is key for turning resources into products. The third group is capital: money, buildings, machines, and other tools used primarily to make products. The final group is entrepreneurship. An entrepreneur is the person who pioneers a financial or business endeavor, taking on the greatest risk by doing so. Entrepreneurship is key for innovation, the creation of new products, and the creation of new jobs for laborers.

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