Production

There are 6 types of factors of production

Natural Resources

There are 6 types of natural resources, known as the primary industries which include energy, forestry, agriculture, fishing, water and mining

Raw Material

The use of goods to make another good

Supplies

Raw materials that do not become part of the product. However, they are used in the running of the business

Ingredients

Raw materials that go into a product

Information

Required to produce goods and services in an economy

Information itself has become a product for sale. A business
can provide interesting data for free over the internet, and charge companies to advertise it.

Management

People who control the factors of production

Decide what to purchase, what to make, whom to hire,
where to sell, etc.

Higher level managers decide how profits are used

Labour

All the physical and mental work needed to produce goods

Outsource

Hire other companies to preform tasks

Automated

work done by machines

Consolidated

small divisions closed down
and focused on one area

Capital

The money invested in a business

Liquid

cash, stocks, bonds, accounts receivable

Non-liquid

Intellectual Property - rights that allow one to make an income off an invetion

Capital goods (buildings etc.)