Timber and Petroleum can be classified as a land factor of production
Land is part of the four factors of production. The other three factors are Capital, Labour and Entrepreneur.
- Let understand clearly that Land refers to anything that comes from the land and serves as resources used to produce goods and services.
- Capital is the factor that provides the money needed to run the business operation. The reward is Interest.
- Labour is the factor that helps the business run its day to day operation and this includes workers, staff etc. The reward for labor is Wages and salary.
- Entrepreneur is the factor that control and manage the other three factor of production. The reward for entrepreneur is Profit.
In conclusion, Petroleum and Timber are part of land and they serves as resources used to provide refined fuel, furniture and so on.
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