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Factors of Production - Coggle Diagram
Factors of Production
Capital
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Fixed capital: does not change for at least 1 year e.g land and buildings
Working Capital:Semi- finished and finished goods that will be sold
Labour
Human, physical and mental effort, used to produce goods
Reward: wages and salaries
Skilled labour
People who have a qualification and are skilled in a Particular field.Mental nature. e.g Doctor, lawyer
semi- skilled labour
workers who have some field of experties.be innvolved in work that doesn't need skill but involves manual labour. e.g plumber, electrician
Unskilled labour
Manual labour. no skill but often become good at what their doing. e.g cashiers, cleaners
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