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Factors Of Production

Published on Nov 18, 2015

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PRESENTATION OUTLINE

FACTORS OF PRODUCTION

BY : TAYLOR GARRISON
Photo by archangel 12

WHAT ARE THE FACTORS OF PRODUCTION?

  • Land
  • Labor
  • Capital

LAND

ECONOMISTS USE THE TERM LAND TO REFER TO ALL NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

LABOR

THE EFFORT THAT A PERSON DEVOTES TO A TASK FOR WHICH THAT PERSON IS PAID.
Photo by JAXPORT

CAPITAL

ANY HUMAN-MADE RESOURCE THAT IS USED TO PRODUCE OTHER GOODS AND SERVICES.
Photo by Ruthie Aviles