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Four factors of production - Coggle Diagram
Four factors of production
Four factors of production
capital
Capital is any man-made resource that is used to produce goods/services
labour
The human input into the production process, labour involves mental or physical effort
not all labour is the same quality
Land
Land is needed to create a place where the product can be produced
enterprise
Enterprise involves taking risks in setting up or running a firm
Factors of Production in Capital Intensive & Labour Intensive Activities
Capital intensive
Emphasis on use of machinery in production processes
factors needed for production
labour
production director
car designers
land
factory site
testing facilities
storage facility
capital
conveyor belt
rolled steel
robotic arms
enterprise
CEO
Loabour intenisve
Emphasis nin use of workers in production
factors needed for production
labour
crop maintainance
workers
staff
capital
tractors
land
production
storage facilities
vineyard
enterprise
cooperatives
members