Factors of Production

Production

The creation of goods and services to satisfy humans’ wants and needs.

What is the 4 factors of production?

1. Land

2. Labour

3. Capital

4. Enterprise

Land is also called/refer to as?

Natural Resources

What is Land?

Any natural resource that is found above or below the earth’s surface.

What are the 2 categories of Land?

1. Renewable resources

2. Non-renewable resources

What are Renewable resources?

Resources that can be reused and replenished. Free gifts from nature.

What are some examples of Renewable resources?

Forestry, water, sand

What are some examples of Renewable resources?

Gold, Oil, Limestone

Name a country where Forestry can be found and how it could be used.

Guyana 

Furniture

Name a country where Sand can be found and how it could be used.

Antigua

Glass and building materials

Name a country where Water can be found and how it could be used.

Dominica

Drinking water, washing clothes

Name a country where Gold can be found and how it could be used.

Guyana 

Jewelry

Name a country where Limestone can be found and how it could be used.

Barbados, Jamaica

Cement products

Name a country where Oil can be found and how it could be used.

Trinidad and Tobago

Petrol and by-products such as plastics and paint.

Labour is also called/refer to as?

Human Resources

What is Labour?

Human effort of any kind {Physical and/or Mental} that goes into creating a good or service. 

Labour is often divided into groups/tyees, list them.

1. Unskilled Labour 

2. Semi-Skilled Labour

3. Skilled Labour

4. Managerial and Professional

What is Unskilled Labour?

Work that requires little or no training or experience to perform. Involves mostly on-the-job training.

What are some examples of Unskilled Labour?

Fast food workers, Retail clerks, Janitors

What is Semi-skilled labour?

Work that requires some training and experience, but not necessarily a high degree of expertise.

What are some examples of semi-skilled labour?

Truck drivers, Construction workers, some production line workers

What is Skilled labour?

Work that requires specific training, skills, or knowledge beyond basic on-the-job training.

What are some examples of Skilled labour?

Electricians, Plumbers, Engineers

What is Managerial and Professional labour?

Work that requires advanced education and training to perform specialized tasks. 

What are some examples of Managerial and Professional labour?

Doctors, Lawyers, Business executives, Teachers

What is Capital? 

Resources that are needed for further production of goods and services.

Venture Capital is also called?

Start-up Capital

What is Venture Capital?

Money invested into new businesses.

What are Assets?

Possessions of value

What are producer goods?

Goods used in the production of other goods.

What are consumer goods?

Goods we buy to use

What are the 3 types of capitals?

1. Physical Capital

2. Financial Capital

3. Social Capital

What are the two categories of physical capital? 

1. Fixed Capital 

2. Working Capital

What is Fixed Capital?

Long-lasting items that do not change during production. 

What are some examples of Fixed Capital? 

Factories, Machines

What is Working Capital? 

Short-term items that are changed during production. 

What are some examples of Working Capital?

Raw materials such as; Cotton

What is Financial Capital?

Money that is used to manage the daily operations of a business. 

What is Social Capital? 

Capital that is funded by the government.

What are some examples of Social Capital? 

Roads, airports, power supply

Enterprise; Entrepreneur:

The person who combines all the other factors of land, labour and capital to create goods or services for profit.