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Factors of production

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Factors of Production for use in Oakland Moodle Economics course.

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Factors of production

  1. 1. Factors of Production • A “Factor of Production” is a resouce society can use to make goods and services • Also called a “productive resource” • Good–A item that is manufactured • Service–A benefit that is provided 4th graders-Birmingham Public Schools
  2. 2. Three Types Natural Resources • Natural Resources • Resources extracted from our environment • Trees, land, minerals, oil reserves, coal, natural gas, water, animals, ect. • Essential “building blocks” of any economy. • Finite limit on amount available
  3. 3. Three Types Capital Resources • Capital Resources • The means by which a good or service is produced • Fixed Capital • Factories, computers, buildings, machines, • Intellectual • Education, music, inventions • Financial • Money, stocks, bonds • Both limited and unlimited
  4. 4. Three Types Human Resources • Human Resources • Labor–mental or physical • Farmers, factory workers or service provides, ect • Comprise majority of human resources--95% • Entrepreneurs • Individuals who combine the land, capital, labor into new products, ideas, services • Unlimited?
  5. 5. Sustainable Resources • Economist are put more focus on making our Natural resources sustainable • Limiting supply can cause economic decline • Sustainability= rate of use is equal to the rate of renewal • Which to Use? • Coal or Solar Power • Oil or Bio Fuels