Factors of Production
Published on Sep 07, 2016
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PRESENTATION OUTLINE
Land
- All natural resources to produce goods and services Include fertile land,water,forest,cattle and etc.
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Labor
- The effort that a person devotes to a task for which that person is paid
- Response to changing prices, profits,wages,and working conditions.
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Capital
- Are already-produced durable goods or any non-financial asset that is used in production of goods or services
Physical Capital
- Human-made objects used to create other goods and service.
- Examples of physical capitalare buildings,machinery,computers,and equipment.
Human Capital
- The knowledge and skills and worker gains through education and experiences.
- Skills,knowledge,education,experiences,productivty.
Entrepreneurs
- Leaders who combine the land,labor, and capital, together to make a good or service.
- Risk takers by starting new businesses, develop new ideas,create new industries and fuel econmic growth.
