Labour:
Human efforts done physically or mentally with the objective of earning income is known as labor. Thus, labor is a physical or mental effort of human being in the process of production.
Capital:
All man-made goods which are used for further production of wealth are included in equity. Thus, it is human-made material source of production.
Entrepreneur:
An entrepreneur organizes the other factors and undertakes the risks and uncertainties involved in the production. He hires the other three elements, brings them together, organizes and coordinates them to earn maximum profit.
