Factors of Production

  • 20,662 views
Uploaded on

Economics Definitions

Economics Definitions

More in: Education , Career , Technology
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
  • capital include materials that are used to enable the business to function and be successful.



    so yes capital is essential when you commence a business
    Are you sure you want to
    Your message goes here
  • Brian:
    Your slide for Capital contains two errors. Money is NOT a factor of production. Workers are Labor, not Capital.

    Capital is equipment, tools, and factories.
    Are you sure you want to
    Your message goes here
    Be the first to like this
No Downloads

Views

Total Views
20,662
On Slideshare
0
From Embeds
0
Number of Embeds
3

Actions

Shares
Downloads
142
Comments
2
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Factors of Production Definitions and Examples
  • 2. Factors of Production are…
    • The resources used to make goods and services
    • Separated into three categories
      • Land
      • Labor
      • Capital
  • 3. Land
    • For Economic purposes, Land refers to all Natural Resources
    • Examples:
      • Minerals
      • Timber
      • Real Estate
  • 4. Labor
    • For Economic purposes, refers to the actual work an individual or individuals does
    • Examples:
      • Un-Skilled Labor
      • Semi-Skilled labor
      • Skilled Labor
      • Professional Labor
  • 5. Capital
    • For Economic purposes, Capital refers to man-made resources used to produce something else
    • Examples:
      • Money
      • Workers
      • Facilities