Factors of production

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  • Factors of Production
    • Land
      • non-renewable resources
        • gas, oil, coal
      • renewable resources
        • wind, tidal power or wood from trees
      • materials extracted from mining
        • diamonds and gold
      • water
      • animals
    • Labour
      • Labour- work done by the people who contribute to the production process
      • different people=different levels of...
        • education, experience or training
          • factors make people more 'valuable' or productive
    • Capital
      • equipment, factories and schools that help to produce goods or services
      • capital has to be made first- before land
    • Enterprise
      • refers to entrepreneurs that take risks
    • Opportunity Cost
      • benefit given up in order to do something else
        • its the cost of the choice is made
        • idea that money or time spent doing one thing is likely to mean missing out doing something else
    • LIMITED RESOURCES

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