Factors of Production is that good or service which is required for production.
A Factor of Production is indispensable for production because without it, no production is possible.
LAND: refers not only to the surface of land but to all gifts of nature such as rivers, oceans, climate, e.t.c.
LABOUR: refers to all mental and pgysical work undertaken for some monetary rewards. It is essential for production.
CAPITAL: means all man-made resources. It comprises all wealth other than land which is used for further production of wealth.
ORGANISATION: refers to the services of an entrepreneur who controls, organises and manages the policy of a firm, innovates and undertakes all risks.
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