The four vital aspects of Production are – Land: It refers to natural resources like soil, water, air. A firm pays rent to acquire these services.Labour: It denotes the mental and physical efforts that are required to perform a task. An organisation pays wages to the people who put their labour like workers, managers, engineers, etc.Capital: It is a combination of monetary, physical and tangible investments that helps Production to progress. In exchange for these investments, a business receives interest.Entrepreneur: It is an individual who undertakes risk and facilitates the Production. In return of entrepreneurship, he/she receives profits.