Published on March 11, 2014
NELC •Natural Resources •Entrepreneurship •Labour •Capital
In order to produce goods and services to satisfy the needs and wants of consumers ne need four basic things which are called factors of production.
Fixed in supply Cannot be renewed Found in nature E.g. Oil, water, marine life, forests etc
Definition : All the things that we find in nature without having to produce them Example: Water, Minerals, Land, Forest, Animals and Plants. Remuneration: Rent
Brings all the factors of production together in a profitable way Characteristics of an entrepreneur Trustworthy Enthusiastic Risk taker Professional Honest Hard working Energetic Passionate
Definition: an entrepreneurship combines all the factors of production to produce goods and services. Example: A person who is willing to take risks and is motivated. Remuneration: Profit
The mental and physical effort of people involved in a business
Definition: All the physical and mental effort used to create goods and services. Physical labour involves using your body and physical ability and mental labour involves using your mind and mental ability to get something done. Example: Mineworkers and teachers Remuneration: Wages or salaries
Does not include money Manufactured resources e.g. machines, tools, and buildings (capital goods) Capital goods are needed to produce goods and services
Definition: Capital goods used to produce other goods and services. It can also mean the actual money used to start a business. Examples: Machines, Tools, Factory buildings, Office buildings and trucks. Remuneration: Interest
Els, G., Ngwenya, L., Oliver, E., & Pretorious, E. (2012). Enjoy Economic and management science Grade 9 Learner’s book. (M. Bezuidenhout, Ed.) Sandton: Heinemann Publishers (pty) Ltd.
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