Factors Of Production By: Elodia Calixto Period. 3
Published on Apr 21, 2017
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PRESENTATION OUTLINE
Factors Of Production
By: Elodia Calixto
Period. 3
Photo by Julian Partridge
Land
-Any natural good used to produce goods and services
Ex: Tree- Used to make paper, furniture, etc. and sold or bought for money
Photo by wallygrom
Labor
- A task someone does for pay
Ex: Construction Worker-
Works with cement masons to move and set forms
Photo by mitchell haindfield
Capital
- Machinery, tools, and buildings humans use to produce goods and services
Ex: Machines in factories are used by humans in order to make job easier to built a product
Photo by farmingmatters
PHYSICAL CAPITAL
- human made objects to create good services and objects
Ex: Tools-
Tools are made to build things in order to be sold as a service or object
Photo by Mait Jüriado
HUMAN CAPITAL
- Knowledge or skilled worker due to education or experience, used for pay
Ex: A Police Officer-
They use knowledge and skill o produce a service for pay
Photo by Chris Hunkeler
Entrepreneurs
- Combine land, labor, and capital to make a good service
Entrepreneurs occupy a position in the market economy and stimulate economic activity
Photo by stevendepolo
