Goods and services are not factors of production.
The factors of production are the inputs necessary to provide goods or services. They include land, labor, capital, and entrepreneurship.
Reproductive factors or resources are the inputs or resources that are used in the production of goods and services in order to obtain profits.
There are four main factors of production which include; Land, work, capital and entrepreneurship.
All of these are natural resources available for use in the production of goods.
These natural resources include the earth's raw materials, non-renewable resources like oil, and renewable resources like wood.
The rent or reward derived from land as a factor of production is rent.
Refers to human power or work done by humans.
The value of work depends on the skills, education and motivation of the workers.
The rewards of labor as a factor of production are wages and salaries.
These are capital goods, that is, man-made objects that are used to produce goods and services such as machinery, equipment, and chemicals.
It also includes industries and commercial buildings.
The reward or income from capital goods is interest.
It's about creating an idea and turning it into a profitable business.
Therefore, an entrepreneur is an individual who combines other factors of production to create a business and add supply to the economy.
The reward or income that entrepreneurs earn is profit.