Factors+of+Production


 * Factors of Production**
 * Factors of are the productive reasources that are used by the economy to produce goods and services. Factors of production consist of 4 types:**
 * 1)** __Land:__ **which is everything in this universe that humans have not created Ex. air, sunlight, forests, water and minerals. Land is the natural reasources used in the production of goods and services.**
 * 2)** __Labour:__ **human physical and mental exertion towards the production of goods and services. Labour is everthing we as people do to turn oppertunities into staisfaction.**
 * 3)** __Capital:__ **human creations used to produce more goods and services. Capital consists of three types:**
 * - __Real Capital:__ capital that is not finacial capital, it is the raw materials Ex. shovels or hammers**
 * - __Human Capital:__ is the knowledge and personality we attribute in the ability to preform labour towards the production**
 * - __Intellectual Capital:__ all the reasources of a competative enterprise that determine its value**
 * 4)**__Enterprise:__ **the act of combining land, labour, and capital into something people want. It often involves risk taking and creativity. The people who do this are reffered to as Entrepeneurs.**
 * Source: [], and econ text book Pg. 14**