Summary

Summary The four factors of production simplified by a student.

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Course
Business Studies

Institution
8

This summary is a compilation of research on the four factors of production from various sources. It has been simplified so that a normal high school student can understand the topic.

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Uploaded on June 1, 2021
Number of pages 3
Written in 2020/2021
Type Summary

Institution 8
Course Business Studies
Schooljaar 200

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Factors of production

The factors of production are the different types of resources or work required to make a product.

There are 4 main factors of production which include land, capital, labor and entrepreneurship, but
there are less common factors of production like technology.

Capital

The first factor of production I will be addressing is Capital. Most of us have learned that capital is
usually the money that is used to start a business. But that does not count as a factor of production
because it doesn’t directly contribute to the manufacturing of a product. The capital that is a factor of
production is usually the purchasing of equipment or machinery that is used to manufacture a product.
For example buying robots to put together cars is considered capital as a factor of production.

Land

Land is used in many different ventures, but is also very important as a factor of production. Most
products are manufactured in factories or farms. There needs to be land for these factories or farms to
be built on. So that makes land a very important factor of production. If there is no land, then
production cannot happen. There needs to be land to cultivate crops, factories, breed animals etc.

Entrepreneurship

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