Factors of Production (FOP)

The materials that people combine to make something that satisfies our wants or needs.

-The non man-made materials (natural resources) used to make a product or provide a service

-The skills, knowledge, time and energy of people involved in making a product or providing a service. Think of it as People Power"!

-Man made items like tools and factories used to produce a good service.

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Mrs. Conway SS

Economics

Term	Definition
Factors of Production (FOP)	The materials that people combine to make something that satisfies our wants or needs.
Land	-The non man-made materials (natural resources) used to make a product or provide a service
Labor	-The skills, knowledge, time and energy of people involved in making a product or providing a service. Think of it as People Power"!
Capital	-Man made items like tools and factories used to produce a good service.
Production To Consumption
Wants
Production
Distribution
Consumption