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Factors of production

Factors of production . Natural resources There is six types of recourses and those are agriculture, fishing, mining, water, fuel, logging and forestry.

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Factors of production

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  1. Factors of production Natural resources There is six types of recourses and those are agriculture, fishing, mining, water, fuel, logging and forestry. Agriculture provides wheat for flour to make bread. Mining supplies bauxite that we use for making aluminum. Fuel provides energy for the machines that makes these machines operate. Primary industries are the six natural resources also referred as extractive industries.

  2. Capital • Capital is the money you invest into a business, capital is referred as cash, stocks, bonds and accounts. • Liquid capital is the way to turn something into cash. • Non-liquid capital are items that a business owns that are used for every operation.

  3. Information • Is a way to produce goods and services for people around the world. • Information refers to new technology, customers, competition, political conditions and sources of supply. • Information is what tells the customer about the company and their business and how many people use this and whether the people like their products or not.

  4. The production process processing -other countries provides us with the product so we can make aluminum cause the product used to make aluminum is not found in B.C so it gets imported from other places where it exists. - Refining is a way to converts unfinished products into fine and finished products.

  5. Grading - Grading is how the product is produced and the quality of the product. After the product is produced then it gets graded A is better then grade B prime is better then choice and so on. These grades are on the packaging on the products. - Not all the products are rated.

  6. Quality Control - They company makes sure that their products are good and they product testers are tested for any problems and if the product is not recyclable then it gets rejected.

  7. New inventory systems - production cant function if all the raw materials aren't there, Production is quicker when all parts are available - just-in-time is a process by which required items are delivered immediately before they are needed. - Using the factory systems, information is sent to suppliers to tell them how much inventory is needed to ship- and how much they should have on hand so there isn't an inventory shortage.

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