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The factors of production - Coggle Diagram
The factors of production
Are the materials and human resources needed in the process of production and distribution of goods and services
Land
Building land
Mineral deposits
Forests
Plants and animals
Agricultural land
The sea
Include all natural resources
Outer space
Labour
Physical skills and effort
People engaged in production
Intellectual skills and effort
Includes all human resources
Enterprise
Refers to the work of the entrepeneur
Person who perceives market opportunities and provides goods or a service
Capital
Includes also the machines, vehicles, and buildings that make production possible
Consists of the money invested in production