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Economics: The Four Factors of Production

Economics: The Four Factors of Production. The Four Factors are… . NATURAL RESOURCES LABOR CAPITAL ENTREPRENEURSHIP . NATURAL RESOURCES. “Gifts of nature” that make production possible, including: -Land -Water -Animals -Minerals. LABOR.

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Economics: The Four Factors of Production

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  1. Economics: The Four Factors of Production

  2. The Four Factors are… • NATURAL RESOURCES • LABOR • CAPITAL • ENTREPRENEURSHIP

  3. NATURAL RESOURCES • “Gifts of nature” that make production possible, including: -Land -Water -Animals -Minerals

  4. LABOR • The term “labor” refers to the nation’s workforce. • This can include anyone who works to produce good and services.

  5. CAPITAL • The manufactured goods used to make other goods and services. Examples include:

  6. ENTREPRENEURSHIP • Entrepreneurs are individuals who start new businesses, introduce new products, and improve a process. • Some Famous entrepreneurs that you might recognize…

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