In a rural village, a group of farmers decided to establish a cooperative farm to increase their production and profits. They found a suitable piece of land that was previously unused and decided to lease it from the local government. The cooperative hired several local residents as labourers, who worked on the farm and were paid fair wages. The farmers also invested their savings as capital, which was used to purchase seeds, fertilizers, and equipment for the farm. One of the farmers, who had experience in managing a farm, took on the role of entrepreneurship and oversaw the operations of the cooperative. With the land, labour, capital, and entrepreneurship combined, the cooperative was able to produce a variety of crops, including maize, beans, and vegetables, which they sold to local markets at competitive prices. The cooperative farm not only generated income for the farmers and the local community but also contributed to food security in the region.

2.1) Discuss the role of entrepreneurship as a factor of production in the cooperative farm scenario.

2.2) Assess the importance of labour as a factor of production in the cooperative farm scenario. (10)