Factors of Production

The way products are produced & distributed in a place

• economy

• industry

• factors of production

• labor

All businesses related to the same type of product

• capital

• agricultural industry

• labor

• industry

Businesses that gather natural resources & raw materials from earth

• service industry

• capital

• economy

• agricultural industry

Businesses that use resources & raw materials to make new products

• manufactoring industry

• labor

• entrepreneur

• service industry

Businesses that provide help & services directly to the public

• capital

• economy

• service industry

• labor

The 4 types of resources needed to make products for any industry

• entrepreneur

• factors of production

• land

• industry

Natural resources & raw materials used to make products; things provided by nature

• labor

• land

• capital

• entrepreneur

People who work for businesses; jobs

• land

• labor

• capital

• entrepreneur

Man-made things used to make products

• land

• labor

• capital

• entrepreneur

A person who starts a business with the intent of making money

• land

• labor

• capital

• entrepreneur