4 Factors of Production Project

4 Factors of Production

• The four factors of production are the ingredients or elements needed to make a product or provide a service.

Entrepreneur

• Owner of a company; brings the natural resources, labor resources, and capital resources together to produce goods or services

• Examples: – Michael Dell (Dell Computers)– Ray Kroc (McDonald’s)

Labor (Human) Resources

• All workers needed with the appropriate knowledge, skills, and experience to make goods or provide services.

• Examples: truck driver, seamstress, nurse, architect, advertising executive, artist

Natural Resources

• Raw (natural) materials used to make goods• Examples: land, water, forests, minerals, soil

Capital Resources

• Items used to manufacture, distribute, or provide products or services

• Examples: Machines, factory buildings, trucks, cars, tanning bed, supplies