п»їAs you know, producers would be the people and businesses that will make a item available for sale or perhaps trade. В
ProductionВ is the creating and providing a commodity to customers. В
Elements of productionВ are the makes that combine to make the creation of goods and services possible. В
Click the tabs to find out about the factors of production.
LandВ as a factor of production means not just the surface of the earth, nevertheless everything in the universe that wasn't produced by people. This includes all natural resources, just like air, normal water, plants, sunlight, rocks, and minerals. В
If anything isВ tangible, it really is made of physical matter and is seen and touched. В
All touchable goods are manufactured using elements that come by nature. Therefore all concrete goods are made from land. В
EXAMPLEВ В Many properties are built applying tangible elements that come by nature, such as wood and concrete. These houses are made from land. В
In this way, every single tangible physical good is manufactured out of land, including everything from a brush to a pair of shoes, a TV SET, a bike, as well as the food you consume and the normal water you drink. В
A few of these tangible products look a lot like they do in nature. В
EXAMPLEВ В Fruits and vegetables may possibly look identical in the store to how they look when they are developing outside. В
Many items don't look at all such as the original normal resources they came from. В
EXAMPLEВ В Toothbrushes, shoes or boots, and pcs are very totally different from anything seen in nature. В
These products have more operate to be flipped from area into goods that can be sold. That hard work is called labor. В
You'll learn about labor next.