Factors of Production

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Last updated 7:45 PM on 9/16/23
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5 Terms

1
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Factors of Production
Resources combined in the production process to create goods and services.
2
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Land
All natural resources on the earth, including those in the sea and the atmosphere.
3
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Labour
All human resources needed to combine other factors of production. Includes both physical and mental abilities.
4
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Capital
Assets such as machinery, equipment, raw materials, finished and semi-finished goods, bank and cash balances.
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Entrepreneur
The ability to coordinate and combine the different factors of production to successfully run a business. Often seen as the 4th factor of production.