What is an example of entrepreneurship?

Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. An example of entrepreneurship is the evolution of the social media behemoth Meta ( META ), formerly Facebook.

Is entrepreneurship a factor of production?

This view assumes that entrepreneurship is embodied in the creation and operation of a firm and the deployment of the other factors. Austrian economist Peter Klein says that if entrepreneurship is treated as a process or attribute – not an employment category – it cannot be treated as a factor of production.

What is a factor of production in economics?

Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. What are some examples of land as a factor of production?