as economic resources
DESCRIPTION
TRANSCRIPT
AS EconomicsEconomic Resources
Scarce or not so scarce?
Objectives
• Revise the idea of resources• Know what a factor of
production is• Be able to explain the
different factors of production and their rewards
Factors of production
• The different resources available to produce goods and services in an economy
• Can be tangible or non-tangible
List everything that went into making:
Land
• Land is the natural resources on the planet.
• It includes space on the ground, hills, seas, oceans, air etc
Labour• Labour is the human input (workers,
managers etc) into the production process.
• Each individual has a different level of skills, qualities and qualifications.
Capital
• Man made physical goods used to produce other goods and services.
• Examples include machines, computers, tools, factories, roads etc.
Enterprise
• The entrepreneur provides the initial ideas.
• They risk their own resources in business ventures. They also organise the other 3 factors of production.
Factors of production
• Organise the different resources for your sweet into the factors of production on your sheet?
• Write down what you think the reward of payment for each factor is
LandLabour
CapitalEnterprise
Objectives
• Revise the idea of resources• Know what a factor of
production is• Be able to explain the
different factors of production and their rewards