Factors of production
- Created by: jessicaberry
- Created on: 24-02-19 17:00
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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
- non-renewable resources
- 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
- education, experience or training
- 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
- benefit given up in order to do something else
- LIMITED RESOURCES
- Land
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