Note: I will separate each posts into an easy part and a hard part, indicated by a line.
The easy definition: Remember the factors of production? Because if the issue of scarcity is always present in this world, people hold to the factors of production rather dearly. So much that we even give them a monetary value (wait, doesn't that mean that we hold dear to everything? How greedy). Of course, you can just sell your factors of productions and get money, But do you what they're called?
Land gives RENT. For example, if a landlord (yes, them evil landlords) allows someone else to live on their land (preferably in a house), they will have to pay back by giving the landlord money in the form of rent.
Labor gives WAGES. A worker will receive wages. Self explanatory.
Capital gives interests.
Entrepreneurship receives.....
???
Profit!
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The nerd definition: Basically, the Entrepreneur provides Land, Labor, Capital and the ability to bring those three together. In return, he will recieve wages, rents, interests and profits. Look here for the circular flow model that portrays this quite well.
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