Factors of Production

 The Bahamas' economy is driven by the four key factors of production: land, labor, capital, and entrepreneurship. Land is driven by the nation's natural resources, like its tropical climate, fertile soils, and marine biodiversity. Labor refers to the working people, most in tourism, which employs over half of the population. Capital involves hotels, resorts, and infrastructure that enable production and services. Entrepreneurship is represented by individuals and businesses, particularly in the tourism and financial services industries. Compared to the United States, The Bahamas depends more on tourism and natural resources, whereas the U.S. economy is broader and more technology-driven.