Factors of production
From WikiTextbook
There are four factors of production. They are:
- Capital - This refers to all of the tools, buildings, machines etc. that are used in the production of goods. It all includes the money the business has and uses.
- Enterprise - This is carried out by entrepreneurs who:
- Think of ideas
- Organise the other three factors of production
- Take risks with their own money and the financial capital .
- Land - This is not only the land but it includes all of the natural resources as well, for example, gold, oil, fish and wheat. There are two types of land:
- Non-renewable resources, for example oil, gas and copper
- Renewable resources for example, fish, forests and corn.
- Labour - This is the workforce of the economy. All workers posess different qualities.
Links
There are four factors of production. They are:
Capital - This refers to all of the tools, buildings, machines etc. that are used in the production of goods. It all includes the money the business has and uses. Enterprise - This is carried out by entrepreneurs who: Think of ideas Organise the other three factors of production Take risks with their own money and the financial capital . Land - This is not only the land but it includes all of the natural resources as well, for example, gold, oil, fish and wheat. There are two types of land: Non-renewable resources, for example oil, gas and copper Renewable resources for example, fish, forests and corn. Labour - This is the workforce of the economy. All workers possess different qualities.
