Business (Factors of Production (Labour (People available to work.…
Factors of Production
People available to work.
Division of Labour.
Includes all natural resources such as oils.
People willing to take the risk of setting up a business.
Machinery, equipment and finance needed for production of goods.
Manufactures goods using raw materials provided by the primary sector.
Provides services to consumers and the other sectors of industry.
Extracts and uses natural resources of the earth.
Purpose of Business Activity
Cannot be seen or touched, for example opening a bank account.
Products sold to other businesses, physical goods such as computers.
Sold to the public, can be seen and touched, eg. a phone.