Supplying Goods and Services Supplying Goods and Services

FactorsFactors of production Natural resources

[“Land,” “Gifts of Nature”]

List some examples… Some nations have these

in abundance; others…

Labor Unskilled – no formal

training Skilled – trained in

specialized task [usually the most costly.

Why?]

Capital Capital goods – “the stuff that

makes stuff”

Tools, machinery, vehicles, etc.

Also a result of production themselves

Think of some examples… Can a consumer good be a

capital good? Examples?

Finance capital - money/funds

Start-up money to get a business going

Other funds [such as stock sales] that allow a company to maintain or grow

Entrepreneurs: the risk takers Start new businesses/ideas Invest in new businesses or

products Risk of losing A real engine of our economy

Management: Sets goals Oversees for efficiency

Marketing: Informing and attracting

consumers presentation