The major factors of production in economics are land, labor, capital, and entrepreneurs. Land refers to natural resources used to produce goods and services, including crops, minerals, and rent paid for land use. Labor is the individual effort put into making a good or service, for which a person receives a wage. Capital includes machinery, equipment, buildings, and vehicles that are used to produce other goods and services. Entrepreneurs are risk-taking individuals who start new businesses and bring new products to markets in search of profit.