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Factors of Production: Car Industry
Transcript of Factors of Production: Car Industry
Land is also used for factory location and equipment Land Labour Labour includes all of the mental and physical work that people put into the business. Some examples are workers employed directly in the car industry; engineers, designers, paint sprayers, testers, management staff, transport & distribution workers Capital In the car industry, capital is used a lot in the manufacturing process, watch this video to find all the resources The Factors of Production Land, labour, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labour is all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business. The capital is all of the tools and machinery used to produce a good or service. A person who takes the risk of entering into the market with some basic amount of money but strong innovative ideas to showcase to the world is an entrepreneur. A question hitting your mind straight away would be- what makes him so popular but? Well, it's all in his ideas, his confidence, his hard-working nature and skills. Entrepreneur