Ch.7 Factors of Production

Hyunju Ham (Melanie)
Mind Map by Hyunju Ham (Melanie), updated more than 1 year ago
Hyunju Ham (Melanie)
Created by Hyunju Ham (Melanie) about 5 years ago


This is Business Studies Homework. It's due to August 31st.

Resource summary

Ch.7 Factors of Production
1 4 Factors of Production
1.1 Land
1.1.1 Land resources Renewable Definition Once land resources have been used they cannot be replaced Example Coal Gold Diamonds Oil Non-renewable Example Fish Forests Water Definition Land resources that are replaced by nature
1.2 Capital
1.2.1 Definition Also called as an artificial resource Because it is made by labour
1.2.2 2 Types of Capital Working Capital or Circulating Capital Refers to.. Stocks of raw meterials Stocks of finished goods that are waiting to be sold Components that will be used up in production Fixed Capital Refers to.. Factories Offices Shops Machines Tools Equipments Furnitures Used in production to.. To change working capital into Goods&Services
1.3 Enterprise
1.3.1 Enterprenuers Responsible for setting up and running business They come up with business idea They are business owners They usually provide money to help set up a business They are risk takers They are responsible for organising resources
1.4 Labour
1.4.1 Definition Workforce in the economy Each workers have different skills, knowledge, intelligence and emotions
2 Production
2.1 Example
2.1.1 A baker using flour, yeast, salt and water to make bread
2.1.2 A large manufacturerusing people to assemble components to make laptop computers
2.1.3 A dentist using a dental instruments to extract a diseased tooth
2.1.4 A taxi driver using a car and petrol to transport a family from their home to an airport
2.2 Resources
2.2.1 Goods Examples Foods Medicines Craft meterials Non-Examples Teachers Chef Doctors
2.2.2 Services Examples Tourism Dog walking Fence painting Non-Examples Reading a book Riding a bike Taking a test
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