economic resources
DESCRIPTION
resources and factors of production outlined and illustratedTRANSCRIPT
Supplying Goods and Services Supplying Goods and Services
FactorsFactors of production Natural resources
[“Land,” “Gifts of Nature”]
List some examples… Some nations have these
in abundance; others…
Labor Unskilled – no formal
training Skilled – trained in
specialized task [usually the most costly.
Why?]
Capital Capital goods – “the stuff that
makes stuff”
Tools, machinery, vehicles, etc.
Also a result of production themselves
Think of some examples… Can a consumer good be a
capital good? Examples?
Finance capital - money/funds
Start-up money to get a business going
Other funds [such as stock sales] that allow a company to maintain or grow
Entrepreneurs: the risk takers Start new businesses/ideas Invest in new businesses or
products Risk of losing A real engine of our economy
Management: Sets goals Oversees for efficiency
Marketing: Informing and attracting
consumers presentation