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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