Factors of production in economic activities

Classical economics regards land, labor and capital as three major factors of production.

1. Land: including all natural resources. All natural resources, including agriculture, forestry, fisheries, animal husbandry and mining, are called land.

2. Labor: including labor and labor. In the process of production, people who provide intelligence and physical strength to get paid are called labor.

3. Capital: resources created by human beings. Refers to all man-made production tools, including factory buildings, machinery and equipment and inventory, rather than financial and monetary funds.