Categories of Resources required to produce a good or service

‘Land’ - all natural resources not just the area of land. It includes the resources in the sea e.g. fish; resources on land e.g. forests, rivers and resources in the atmosphere e.g. the weather.
’Capital’ - all man-made resources ranging from simple hand-held tools to complex automated machinery as well as the buildings where production occurs. The national infrastructure such as roads, bridges and telecommunication are also included as ‘Capital’
’Labour’ - paid employment of workers which is a human resource
’Enterprise’ - the human resource that organises the other factors of production and takes the risk of their decisions. An organising and risk taking factor.

	Erstellt von Peter Jones vor mehr als 5 Jahre

basics of resources in economics

Factors of production 1