The Macro Series: A North Star for New Zealand

(Image: Getty)

Sat, 23 Aug 2025

The factors of production are the resources used to produce goods and services in an economy. There are four of them: land, labour, capital and entrepreneurship. They are really tightly connected. Land Definition: It includes all natural resources used in production, such as land itself, water, minerals and forests. Like a lot of resources, they often aren’t that scarce; they are just in the wrong place at the wrong time. If you live in Sydney, it’s been raining for a month. I will bet you a slab of Tooheys and a...

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