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Factors of Production Mr. Odren. Resources. All resources can be classified as: Land Labor Capital Entrepreneurial Ability Called the 4 Factors of Production They are the resources used to make products. Land. Natural Resources – resources that come from the Earth

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resources
Resources
  • All resources can be classified as:
  • Land
  • Labor
  • Capital
  • Entrepreneurial Ability
  • Called the 4 Factors of Production
  • They are the resources used to make products.
slide3
Land
  • Natural Resources – resources that come from the Earth
    • Water, Soil, Oil, Air, land, crops, farm animals
labor
Labor
  • Labor is the workers!
capital
Capital
  • Two types of capital
  • 1. Human Capital
    • The skills, knowledge, recipes necessary to produce goods/services
  • 2. Physical Capital
    • The tools and equipment necessary to produce goods/services
    • Primary Focus is Physical Capital….
entrepreneurial ability
Entrepreneurial Ability
  • This is the ability for a person or group of people to take the risk of combining the other F.O.P. and creating a good/service
  • In other words, it’s the idea or the name brand!