THE FACTORS OF PRODUCTION

THE FACTORS OF PRODUCTION

1. LAND

   • NATURAL RISOURCES WE GET FROM NATURE
     • WATER
     • AIR
     • PLANTS
     • MINERALS
     • ANIMALS

2. LABOUR

   • WORK BY THE POPLE NEED FOR THE PRODUCTION OF GOODS AND SERVICES
     • THE INCOME EARNED BY LABOUR RESOURCES IS CALLED WAGES
       • INCOME: Money that is earned
     • THE ENTREPENEURIS THE PERSON WHO COMES UP WITH AN IDEA FOR A BUSINESSES AND BRINGS THE REST OF THE FACTORS OF PRODUCTION TOGETHER

3. CAPITAL

   • THE MAN-MADE RESOURCES USED TO PRODUCE GOODS AND SERVICES
     • TECHNOLOGICAL CPITAL
       • THE TECHNOLOGICAL RESOURCES LIKE iNTERNET SITES OR SOFTWARE
     • FINANCIAL CAPITAL
       • THE MONEY INVESTED
         • INVESTED: To put money into a businesses in hope of profits
     • CAPITAL GOODS
       • THE MACHINERY, COMPUTERS, TOOLS, FACTORIES, OR OFFICE BUILDINGS

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