4.3 Production factors.

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Presentation transcript:

4.3 Production factors

1.3 Production factors Definition Natural resources Capital and technology Labour

Definition Production factors are all those elements used by businesses to undertake their activities, produce goods and services and meet people´s needs. They are natural resources, capital, technology and labour.

Natural resources Provided by nature - Examples? Basic in some economic activities Types: renewable and non-renewable Problems: a) exhaustion and overuse  SUSTAINABLE DEVELOPMENT b) International conflicts

Capital and technology Capital: non-natural resources Physical Financial Human Technology: knowledge, methods and procedures Manual Mechanised Robotised

Labour Physical or intellectual effort Essential factor for businesses and families

Labour Labour force and inactive population Unemployment rate

Labour Labour problems: Unemployment in developed and underdeveloped countries. Working conditions Developed countries: more regulation but lose of rights. Other countries: abuses, discrimination and child labour.