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    Lesson Three: The Factors of Production

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    Penny
    The document discusses the four factors of production: land, labor, capital, and entrepreneurs. It provides details on each factor, defining them as the resources required to produce goods and services. Land refers to natural resources and is finite. Labor involves all human effort and skills. Capital consists of tools, equipment, and factories used for production. Entrepreneurs are innovators and risk-takers who start new businesses and products. All four factors are necessary for economic production.

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    Lesson Three: The Factors of Production

    Uploaded by

    Penny
    238 views10 pages
    The document discusses the four factors of production: land, labor, capital, and entrepreneurs. It provides details on each factor, defining them as the resources required to produce goods and services. Land refers to natural resources and is finite. Labor involves all human effort and skills. Capital consists of tools, equipment, and factories used for production. Entrepreneurs are innovators and risk-takers who start new businesses and products. All four factors are necessary for economic production.

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    Factors of Production

    Original Title

    Factors of Production

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    The document discusses the four factors of production: land, labor, capital, and entrepreneurs. It provides details on each factor, defining them as the resources required to produce goods and services. Land refers to natural resources and is finite. Labor involves all human effort and skills. Capital consists of tools, equipment, and factories used for production. Entrepreneurs are innovators and risk-takers who start new businesses and products. All four factors are necessary for economic production.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    238 views10 pages

    Lesson Three: The Factors of Production

    Uploaded by

    Penny
    The document discusses the four factors of production: land, labor, capital, and entrepreneurs. It provides details on each factor, defining them as the resources required to produce goods and services. Land refers to natural resources and is finite. Labor involves all human effort and skills. Capital consists of tools, equipment, and factories used for production. Entrepreneurs are innovators and risk-takers who start new businesses and products. All four factors are necessary for economic production.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    LESSON THREE

    ~ THE FACTORS OF PRODUCTION ~


    LESSON THREE
    ~ THE FACTORS OF PRODUCTION ~

    • Four factors of production must be


    present to produce goods and services
    INTRODUCTION TO ECONOMICS
    ~THE FACTORS OF PRODUCTION~
    • Four factors of production must be present to
    produce goods and services:
    • LAND
    • LABOR
    • CAPITAL
    • ENTREPRENEURS
    INTRODUCTION TO ECONOMICS
    ~THE FACTORS OF PRODUCTION~
    • FACTORS OF PRODUCTION: resources required to
    produce the things we would like to have (land, labor,
    capital, and entrepreneurs)
    • All four factors are required to produce resources
    • Are you capable of identifying all factors?
    INTRODUCTION TO ECONOMICS
    ~THE FOUR FACTORS OF PRODUCTION~
    ENTREPRENEURS
    • Entrepreneurs are singled out because they are the
    innovators responsible for much of the change in the
    economy
    • ENTREPRENEUR: a risk taker in search of profits who
    does something new with existing resources
    • ENTS are considered ‘drivers of the economy’ because
    they are the people who start new businesses or bring
    new products to market
    INTRODUCTION TO ECONOMICS
    ~THE FOUR FACTORS OF PRODUCTION~
    CAPITAL
    • AKA “CAPITAL GOODS” – the tools, equipment,
    machinery, and factories used in the production
    of goods and services
    • Capital Goods are unique because they result
    from production
    • Examples include: computers, bulldozers, trucks,
    machinery, and printers
    INTRODUCTION TO ECONOMICS
    ~THE FACTORS OF PRODUCTION~
    LAND
    • In economics, land refers to “gifts of nature”
    • Examples: desert, fields, forests, mineral
    deposits, livestock, sunshine, feet, and climate
    • There is a finite amount of land available; thus,
    economists tend to think of it as being fixed, or in
    limited supply
    INTRODUCTION TO ECONOMICS
    ~THE FOUR FACTORS OF PRODUCTION~
    LABOR
    • Labor refers to people with all their efforts,
    abilities, and skills
    • This category includes all people except
    “entrepreneurs”
    • Factors such as birthrates, immigration, famine,
    war, and disease have had dramatic impacts on
    the quantity and quality of labor
    INTRODUCTION TO ECONOMICS
    ~THE FOUR FACTORS OF PRODUCTION~
    • Everything we make requires the FOUR FACTORS OF
    PRODUCTION
    • Everything can be categorized into the FOUR
    FACTORS OF PRODUCTION
    • When one factor of production is altered or affected, the
    other three also affected
    INTRODUCTION TO ECONOMICS
    ~THE FOUR FACTORS OF PRODUCTION~
    HOW WELL DO YOU KNOW THE FOUR FACTORS OF
    PRODUCTION?
    IN GROUPS OF TWO, PICK TWO EXAMPLES OF EACH
    OF THE FOUR FACTORS OF PRODUCTION.
    SHARE YOUR IDEAS WITH THE CLASS!

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