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FACTORS OF PRODUCTION
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FACTORS OF PRODUCTION THINGS NEEDED TO PRODUCE GOODS AND SERVICES
NATURAL RESOURCES+CAPTIAL GOODS+HUMAN RESOURCES+ENTREPRENEURSHIP This Photo by Unknown Author is licensed under CC BY-SA
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NATURAL RESOURCES PRODUCTS OF EARTH AND ITS ATMOSPHERE THAT ARE USEFUL TO HUMANS Example: Look Right This Photo by Unknown Author is licensed under CC BY-SA-NC
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CAPITAL GOODS TOOLS USED IN THE PRODUCTION OF GOODS AND SERVICES Example: Factories, machines
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HUMAN RESOURCES DESCRIBES THE PEOPLE WHO PRODUCE GOODS AND SERVICES –SUPPLY THE LABOR (PHYSICAL OR MENTAL) Example: Teacher, chef, manager, mechanic This Photo by Unknown Author is licensed under CC BY
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ENTREPRENEURS WHEN PEOPLE START THEIR OWN BUSINESSES RISKING MONEY AND TIME; HOPE TO MAKE A PROFIT. Example: Walt Disney This Photo by Unknown Author is licensed under CC BY-NC-ND
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RENEWABLE RESOURCES RESOURCES THAT CAN BE REPLINISH THEMSELVES OVER TIME… Examples: often farmed, harvested, or hunted. This Photo by Unknown Author is licensed under CC BY-SA
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Nonrenewable resources
Resources that are not replaced by nature; once taken from EARTH they are gone. Ex: coal, oil, gold, diamonds This Photo by Unknown Author is licensed under CC BY-NC-ND
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