1/2/2024 0 Comments Four factors of production.![]() LABOUR (HUMAN CAPITAL) – human labour which is used in economic activity – skills, recruitment and training all develop this factor of production LAND – physical resources which are used in economic activity Factors of productionįactors of production – economists commonly distinguish 4 types of economic resources available for use in the production process, which can be remembered by the acronym ‘CELL’:ĬAPITAL (WORKING CAPITAL OR FIXED CAPITAL – not just money!) - man-made things used to manufacture goods and create services.ĮNTERPRISE – the ability to bring all the factors of production together, to take that risk and start that business!
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