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it is a good thing to join a striving fgroup of educators. An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.
In essence, land, labor, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labor is all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business. The capital is all of the tools and machinery used to produce a good or service
It is a widely accepted premise that we are in a midst of a radical change of economic and social relations, associated with terms such as the knowledge economy, weightless economy, post-industrial society or information society. The intellectual capital literature appears to suggest the arrival of a distinct factor of production, replacing or supplementing land, labour and capital. Some exponents of intellectual capital analysis see knowledge, ideas, capabilities and skills as a new, perhaps overriding productive factor; others conceive of the changes within a widening of the traditional definition of capital to include business processes, intellectual property, product ideas, even customer loyalty; again others use intellectual capital as a rhetorical tool withholding any coherent definition. In this article, we first give a historically informed theoretical exposition of capital as the durable result of past production processes, transforming future production while not being transformed itself, and associated with a particular economic actor. Second, we offer a taxonomy of the perceived characteristics and location of intellectual capital in the production process. Third, we argue that capital, and thus intellectual capital, is not a useful way of theoretically capturing knowledge and ideas