1 / 6

Factors of Production Mr. Odren

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

blake
Download Presentation

Factors of Production Mr. Odren

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 ProductionMr. Odren

  2. 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.

  3. Land • Natural Resources – resources that come from the Earth • Water, Soil, Oil, Air, land, crops, farm animals

  4. Labor • Labor is the workers!

  5. 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….

  6. 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!

More Related