The Factors of Production.

The  Factors of Production.

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  • For example, I work at a factory, and use a forklift. I use what I know about forklifts, and then use them.
  • Labor is people using their efforts and abilities to work.
  • Land is the natural resources we use to build with. Also they're not man made
  • For example, this land I'm standing on, you could build a factory on this plane.
  • For example, I'm a boss of a new sewing company. I thought of the idea and then made a business out of it.
  • An entrepreneur is a person who has the idea, and and then makes it a business. 
  • Capital is the equipment used to build the factory or store. 
  • For example, that forklift over there. It's being used to carry bricks
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