Factors of Production and unions - FactorsofProduction Labour:thepeoplewhowork;humaneffort Land: Capital:tools,machinery, Entrepreneurship:

Factors of Production and unions - FactorsofProduction...

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Factors of Production Labour:   the people who work; human effort Land:   natural resources and minerals Capital:   tools, machinery, buildings used in the process of production Entrepreneurship:   the initiative and willingness of certain individuals to organize the other 3  factors and take risks 3 Fundamental Production Questions What to produce Market Economies:   consumer sovereignty, profit motive   geared to serving people,  consumers decide what is to be produced by showing their preferences Command Economies:   decided by planners and gov’t   producers dictate what  consumers buy Traditional Economies:   produce what is needed only, any excess is traded How to produce Market Economies:   very efficient because of competition, high quality and low prices,  firms minimize their production costs, use all resources to their fullest potential
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