Which of the following are included as factors of production?

The correct answer includes the fundamental concepts of factors of production, which are essential resources used to create goods and services in an economy. These factors are defined as follows:

• Land: This represents all natural resources that are used to produce goods and services. It encompasses everything from raw materials to agricultural land.
• Labor: This refers to the human effort that is used in the production of goods and services. It includes both physical and intellectual contributions from workers.
• Capital: This includes man-made resources that assist in the production process, such as machinery, tools, and buildings.
• Enterprise: This factor pertains to the willingness and ability of individuals to combine the other factors of production in order to create goods and services. It involves entrepreneurial skills and risk-taking.

This option is directly aligned with economic theory, which categorizes production inputs into these four primary categories, forming the backbone of economic production and functioning. In contrast, the other choices incorporate elements that do not fit the traditional definition of factors of production, such as technology (which is more of a product of capital) and wealth, or they include concepts related to market participants rather than production inputs.