1 / 5

Factors of production

Factors of production. N atural Resources E ntrepreneurship L abour C apital. Natural Resources. Fixed in supply Can be renewable and Non-renewable Found in nature E.g. mining, marine life, forests etc. Entrepreneurship.

flynn-salas
Download Presentation

Factors of production

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Factors of production Natural Resources Entrepreneurship Labour Capital

  2. Natural Resources • Fixed in supply • Can be renewable and Non-renewable • Found in nature • E.g. mining, marine life, forests etc

  3. Entrepreneurship • Brings all the factors of production together in a profitable way • Characteristics of an entrepreneur Trustworthy Enthusiastic Risk taker Professional Honest Hard working Energetic Passionate

  4. Labour • The mental and physical effort of people involved in a business

  5. Capital • Manufactured resources e.g. machines, tools, and buildings (capital goods) • Capital goods are needed to produce goods and services

More Related