1 / 10

Intro terminology

Intro terminology. The four. Factors Of Production “L.L.C.E.”. Resources fall into 4 categories. Land Labor Capital Entrepreneurship. LAND – physical space. Natural resources Renewable and Non-renewable To provide food, clothing, shelter 1. Apple orchard 2. city lot, gasoline

dotty
Download Presentation

Intro terminology

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. Intro terminology

  2. The four Factors Of Production “L.L.C.E.”

  3. Resources fall into 4 categories • Land • Labor • Capital • Entrepreneurship

  4. LAND – physical space • Natural resources • Renewable and Non-renewable • To provide food, clothing, shelter • 1. Apple orchard • 2. city lot, gasoline • 3. city lot

  5. Labor • Human sweat and skill • 1. Apple pickers’ time • 2. gas station attendant’s time • 3. computer programmer’s time

  6. Capital • The equipment and structures used to produce goods and services • Goods produced in the past, being used in the present, to produce new goods and services • 1. Ladders, baskets, trucks: bag of apples • 2. Gas station, pumps, lifts: full tank • 3. Office building, computers: new software

  7. Entrepreneurship • The process of bringing together the three factors of production (L, L, C) • A risk taker • Inventor, innovator, organizer • Introduces new or improved • Products, • techniques, • management

  8. GOODS AND SERVICES BUSINESS FIRMS SELL FINISHED GOODS AND SERVICES TO HOUSEHOLDS

  9. Goods – products or commodities, • Physical or tangible • A SCISSORS

  10. Services – actions or activities • INTANGIBLE GOODS • Provided, Cannot be resold • A HAIRCUT

More Related