Factors of Production

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Economics Definitions

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  • 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
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Factors of Production

  1. 1. Factors of Production Definitions and Examples
  2. 2. Factors of Production are…  The resources used to make goods and services  Separated into three categories  Land  Labor  Capital
  3. 3. Land  For Economic purposes, Land refers to all Natural Resources  Examples:  Minerals  Timber  Real Estate
  4. 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  (All 4 Categories show “work” being done)
  5. 5. Capital  For Economic purposes, Capital refers to man-made or possessed resources used to produce something else and falls into two categories  Physical Capital  The tools or equipment used in production  Human Capital  The skills or training of the workers  Don’t confuse this with Labor (The actual performance of work using your human capital)

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