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Factors of Production

Factors of Production. Land. All Natural Resources used to produce goods and services List Examples……. Labor. Any effort a person devotes to a task for which that person is paid Examples……. Capital. Human-made objects used to create other goods and services are called PHYSICAL CAPITAL

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Factors of Production

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  1. Factors of Production

  2. Land • All Natural Resources used to produce goods and services • List Examples……..

  3. Labor • Any effort a person devotes to a task for which that person is paid • Examples……

  4. Capital • Human-made objects used to create other goods and services are called PHYSICAL CAPITAL • Money • Machines • Factories • Knowledge and skills a worker gains through education and experience is called HUMAN CAPITAL

  5. Entrepreneurship • Leader who takes risks to combine land, labor and capital to create new goods and services in the pursuit of Profits.

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