3. Objectives
• Revise the idea of resources
• Know what a factor of
production is
• Be able to explain the
different factors of production
and their rewards
4. Factors of production
• The different
resources
available to
produce goods
and services in
an economy
• Can be tangible
or non-tangible
6. Land
• Land is the natural resources on the
planet.
• It includes space on the ground,
hills, seas, oceans, air etc
7. Labour
• Labour is the human input (workers,
managers etc) into the production
process.
• Each individual has a different level of
skills, qualities and qualifications.
8. Capital
• Man made physical goods used to
produce other goods and services.
• Examples include machines,
computers, tools, factories, roads etc.
9. Enterprise
• The entrepreneur provides the initial
ideas.
• They risk their own resources in
business ventures. They also organise
the other 3 factors of production.
10. Factors of production
• Organise the different resources for
your sweet into the factors of
production on your sheet?
• Write down what you think the
reward of payment for each factor is
12. Objectives
• Revise the idea of resources
• Know what a factor of
production is
• Be able to explain the
different factors of production
and their rewards
