Factors of Production

Background Knowledge Activity

Created by Michelle WoodsSIOP-Curriculum Writer

WCPSS

Define Production

productnoun

production Verb (action)

Factors of Production

land

labor

capital

entrepreneur

Factors of Production

land

forest

water

minerals

sunlight

air

Factors of Production

labor

Mental or physical activity in production

Factors of Production

Previous manufactured goods used to make other goods and services.

capital

Factors of Production

entrepreneurs

A person who starts a new business, introduces new products, and improves a process to make a profit.

Mark Zuckerberg

NAVEEN SELVADURAI

Maverick carterJennifer Hyman and

Jenny Fleiss

What are the factors of production?

Factors of Production

Land Labor Capital Entrepreneur

You Do It!

Choose 1 of these products, and with a partner list as many examples for each category you can.