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Factors of Production :pen: - Coggle Diagram
Factors of Production
:pen:
Land
Includes any natural resource.
Wind
Soil
Water
Oil
Coal
Etc.
A land owner receives rent in return.
Labour
Any human service.
Intellectual Labour
Manual Labour
A labourer receives wages in return.
Capital
Anything that is manufactures in order to be used in the production of goods and services.
Machinery
Equipment
Books
Roads
Etc.
Any capital investment generates interest.
Entrepreneurship
Someone who recognises a profit opportunity and is able to organise the resources and willing to accept the risk.
An entrepreneur receives profits in return