BRIEF DESCRIPTION ABOUT THE BASIC FACTORS OF PRODUCTION (NOT MY WORK)

1. Economics: The Four
Factors of Production

2. The Four Factors are…
 NATURAL RESOURCES
 LABOR
 CAPITAL
 ENTREPRENEURSHIP

3. NATURAL RESOURCES
 “Gifts of nature” that make production
possible, including:
-Land
-Water
-Animals
-Minerals

4. LABOR
 The term “labor”
refers to the nation’s
workforce.
 This can include
anyone who works to
produce good and
services.

5. CAPITAL
 The manufactured goods used to make other
goods and services. Examples include:

6. ENTREPRENEURSHIP
 Entrepreneurs are
individuals who start
new businesses,
introduce new
products, and
improve a process.
 Some Famous
entrepreneurs that
you might
recognize…

7. ENTREPRENEURSHIP
 Entrepreneurs are
individuals who start
new businesses,
introduce new
products, and
improve a process.
 Some Famous
entrepreneurs that
you might
recognize…