List and define the 4 factors of production Identify and give examples of the 4 factors of production State the importance of Entrepreneurs

You need to be able to: Known what they are Give a definition of each Give examples of each Understand how they are all interlinked

LAND includes Natural Resources: Geographical surface area Rivers, lakes and seas Minerals and Chemicals LABOUR is the Physical and mental contribution to creating goods and services CAPITAL is both the Fixed capital, Working capital ENTREPRENEUR -the Owners, Risk takers, who organises the other Factors of Production

Identify a gap in the market for a product / Service If they are successful they make a profit Use the Factors of Production to produce a product or service

VIRGIN GALACTIC Sir Richard Branson The Ultimate Entrepreneur

After 18 months, having found a business partner, Natalie Connell, he had a change of heart. By early 2005 they had secured a £17,500 Government-guaranteed small-firms loan to develop the product and by the autumn had sold the first units – unsurprisingly to Nottingham County Council. With orders from Pepsi, Reebok, Ikea, M&S and the NHS on the books, Cyclepods was created in 2006 with new investors providing the capital to develop the range and meet the demand. Two years on, the carbon-neutral company has nine staff, has developed a mini-version for use in junior schools as well as a wall-mounted unit, and has distributors in Europe, Australia and the US. Cyclepods’ success has led to Steward becoming an ambassador for Make Your Mark, a project that helps young people to unlock their entrepreneurial talent. Click here to go to Having his bike stolen was, in retrospect, one of the most fortuitous things to happen to the Cyclepods creator James Steward. Not only was the theft the inspiration for his product design degree final-year project, but the concept has since developed into a profitable enterprise. “After having my bike stolen I did some research and found that cycle storage hadn’t been redesigned in 25 years, so I thought, ‘I can definitely do something here’,” he says. Steward spent a year designing a modern, innovative method of storing bikes securely and was duly rewarded with a first-class degree from Nottingham Trent University for his efforts in His space-saving design, which allows eight bikes to be stored within a space two metres in diameter and is made from 12,500 recycled aluminium cans, also attracted interest from Nottingham County Council, but Steward chose to go to work with a design company in London rather than turn his concept into a commercial product. A new entrepreneur…

The Dragons got this one badly wrong – the entrepreneur that got away A terrific story of an entrepreneur who was told in no uncertain terms by the Dragon’s in the Den NOT to take her product to the US market… So, having been rejected, she did. And now the First Dog will soon be lapping up his water from the non-spill dog bowl which the Dragon’s poo-pooed. Press to watch clip

ItemLandLabourCapitalEntrepreneur Nurse Water Computer Factory Policeman Factory owner

TASK: In the table below write down factors of production that you would find at Oakwood Theme Park and which factor of production it relates to. The first one has been done for you. Factor Of ProductionWhich Factor does it Relate to? Paddy McNamara ( McNamara Family )Entrepreneur

Land Labour Capital Entrepreneur

Homework: Answer the following questions (Teacher Assessed)