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Economics IGCSEPDF 7
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Non-man-made natural resources available for production.
Examples: Oil, wood, fish, water, minerals
Reward: Rent
Any man-made resource that is used to produce other goods
and services (capital goods).
Examples: Tools, buildings, machines, computers,tractors, engines.
Reward:Interest.
Enterprise
The risk-taking and key decision-making function in a business, involving organizing
the other factors.
Examples: An entrepreneur who sets up or runs a firm.
Reward: Profit
The human effort (mental or physical) input into the production process.
Examples: Factory workers, teachers, bus drivers,sales people.
Reward:Wages/Saleries
The Factors of Production are the resources used to produce goods and services. Production
requires a combination of all four factors.
Land
Capital
Labour