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5 Factors of Production

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Liz Blinn

on 30 January 2013

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Transcript of 5 Factors of Production

Land Labor Entrepreneurship Capital The Product 5 factors Gum Toilet Paper Coins To Review: of Production Resources Technology?? Examples: Natural resources Nothing to do with humans Human Resource Makes something invaluable to something valuable Machines Stuff that can help make more stuff! $$Money$$ Buildings Tools Make profits Take a chance that business will fail 30% of all businesses fail Ability of people to a start business Take risks Technology Examples: Some economists include, some don’t Make the other four factors streamlined and efficient Services rendered Goods produced Land Labor Entrepreneurship Capital Technology
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