Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.
What is the process of production?
The production process refers to the stages (phases) required to complete a media product, from the idea to the final master copy. The process can apply to any type of media production including film, video, television and audio recording.
What is an example of land?
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed.
What are the five natural resources?
These natural resources are derived from the environment. While few of them are used for our survival like water, air, rest of them like coal, gas, oil are used for satisfying our daily needs. From forests to mountains to minerals to coastal shores and wetlands, each of these natural resource has its own importance.