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Factors of Production - Coggle Diagram
Factors of Production
The factors of production are the indispensable factors that need in order to satisfy the human needs and wants.
There are 4 main factors
Natural Resources
The natural resources (which are raw materials) they are used in consumption, manufacture of products and energy sources.
Resources can be:
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None-Renewable
These are the kind of resources which their capacity of regeneration is very slow. This can cause scarcity on this kind of resources.
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Labour
The labour is necessary to produce goods and services, this concept includes both physical and intellectual labour.
Entrepreneurship
The entrepreneurship is the person who is responsible for managing, combining and organizing natural resources, capital goods and labour to produce a good or service.