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Factors of production

Factors of production. NELC N atural Resources E ntrepreneurship L abour C apital. Natural Resources. Fixed in supply Cannot be renewed Found in nature E.g. Oil, water, marine life, forests etc. Entrepreneurship. Brings all the factors of production together in a profitable way

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Factors of production

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  1. Factors of production NELC Natural Resources Entrepreneurship Labour Capital

  2. Natural Resources • Fixed in supply • Cannot be renewed • Found in nature • E.g. Oil, water, marine life, forests etc

  3. Entrepreneurship • Brings all the factors of production together in a profitable way • Characteristics of an entrepreneur Trustworthy Enthusiastic Risk taker Professional Honest Hard working Energetic Passionate

  4. Labour • The mental and physical effort of people involved in a business

  5. Capital • Does not include money • Manufactured resources e.g. machines, tools, and buildings (capital goods) • Capital goods are needed to produce goods and services

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