Slide 2: FACTORS OF PRODUCTION are those resources needed to produce goods and services. There are FOUR factors:
Slide 3: Land
Slide 4: LAND refers to all natural resources found on the earth.
Space to construct a building, wood, water, fish, crude oil, minerals, metals, etc
Slide 5: LABOUR means the physical and mental effort of people in the production of goods or services
Designers, engineers, doctors, teachers, technicians, computer operators, etc.
Slide 6: CAPITAL refers to all non-natural resources that are used in production
Money, buildings, machines, furniture, computer, vehicles, etc.
Slide 7: ENTERPRISE also known as entrepreneurship refers to the management, organization and planning of the other three factors of production
Chief Executive Officer [CEO], Principal, Section Coordinator, Senior Managers, etc.