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Factors of Production

Learn about factors of production including capital, land, labor, and management. Explore advantages and disadvantages of traditional, command, market, and mixed economies. Discover how different economic systems operate.

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Factors of Production

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  1. Factors of Production -Capital or Capital Goods---the money or tools needed to produce goods/services -Land / Resources– the natural resources needed to produce goods/services

  2. Factors of Production -Labor– the work required to produce goods/services -Management—the decision making process that is involved in producing goods/services

  3. Traditional Economy Advantages Disadvantages - - -economy where people supply most of the goods and services they use -many things are done by tradition -usually in places of little modern technology

  4. Command Economy Advantages Disadvantages - - -economy where the government controls the factors of production -Government makes all decisions

  5. Market Economy Advantages Disadvantages - - -individuals make all economic decisions according to supply and demand -laissez-faire economics -also called free market, free enterprise, or capitalism -competition and supply and demand determine the economy-----the “invisible hand”

  6. Mixed Economy Advantages Disadvantages - - -a mixing together of market and command systems -individuals have economic freedoms -government retains some control for benefit of citizens

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