Factors of Production: Group Presentation

Student group presentation on the factors of production as the building blocks of an economy: production as the creation of goods and services by transforming inputs into outputs, land as the natural resources that supply the raw materials of production, renewable and non-renewable, including common land, oil, mines, coal, gas, forests, sun and climate, labour as mental or physical effort contributed to production, capital as the machinery, tools and buildings used, and entrepreneurship as the process of combining the other three to earn a profit. Each factor is followed by its characteristics, beginning with the fixity of land's supply and its immobility.