4 Factors of Production Project

4 Factors of Production The four factors of production are the ingredients or elements needed to make a product or provide a service.

Entrepreneur Owner of a company; brings the natural resources, labor resources, and capital resources together to produce goods or services Examples: – Michael Dell (Dell Computers) – Ray Kroc (McDonald’s)

Labor (Human) Resources All workers needed with the appropriate knowledge, skills, and experience to make goods or provide services. Examples: truck driver, seamstress, nurse, architect, advertising executive, artist

Natural Resources Raw (natural) materials used to make goods Examples: land, water, forests, minerals, soil

Capital Resources Items used to manufacture, distribute, or provide products or services Examples: Machines, factory buildings, trucks, cars, tanning bed, supplies