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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

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Factors of Production Mr. Odren

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  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!

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