factors of production

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Factors of Production

Capital

cash, stocks, bonds, accounts, receivable

Capital is the money invested in a business

Raw Materials

Supplies: The raw materials that do not become part of new product.

Ingredients: The raw materials that go into a product.

Any goods used in the manufacturing of other goods.

Information

New technology, customers, competition, political conditions and sources of supply

To produce goods and services competitively in a global economy requires information.

Management

Management allocates the company resources, both capital and human, and decides whats purchase, what to make. Whom to hire, where to sell. Higher level managers also decide how a business's profits will be distributed

People who control the factors of production

Labour

Labour is a very expensive cost of doing business, and many firms are constantly looking for way to save money, so they use outsources

Includes all the physical and mental work needed to produce goods or services

Natural Resources

Everything in the world is made from only six types of natural resources

Agriculture, fishing and trapping, mining, water, fuel and energy, and logging and forestry