Economics: The Four Factors of Production - PowerPoint PPT Presentation

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Title:

Economics: The Four Factors of Production

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Title: Economics: The Four Factors of Production Author: WSFCS Workstation Last modified by: nagelhoutj Created Date: 11/10/2008 4:29:08 PM Document presentation format – PowerPoint PPT presentation

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Title: Economics: The Four Factors of Production


1
Economics The Four Factors of Production
2
The Four Factors are
  • NATURAL RESOURCES
  • LABOR
  • CAPITAL
  • ENTREPRENEURSHIP

3
NATURAL RESOURCES
  • Gifts of nature that make production possible,
    including
  • -Land
  • -Water
  • -Animals
  • -Minerals

4
LABOR
  • The term labor refers to the nations
    workforce.
  • This can include anyone who works to produce good
    and services.

5
CAPITAL
  • The manufactured goods used to make other goods
    and services. Examples include

6
ENTREPRENEURSHIP
  • Entrepreneurs are individuals who start new
    businesses, introduce new products, and improve a
    process.
  • Some Famous entrepreneurs that you might
    recognize
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