{"id":167,"date":"2015-04-20T19:30:47","date_gmt":"2015-04-20T19:30:47","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&p=167"},"modified":"2015-07-11T22:56:39","modified_gmt":"2015-07-11T22:56:39","slug":"factors-of-production","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/chapter\/factors-of-production\/","title":{"raw":"Outcome: Factors of Production","rendered":"Outcome: Factors of Production"},"content":{"raw":"

What you\u2019ll learn to do:\u00a0list the four factors of production required to sustain a business<\/h2>\r\nConsider baking a cake for a friend's birthday. Pretty straightforward, right? You combine your labor with the ingredients from the store to produce a cake. \u00a0Well, this is what we see in business when they uses resources to produce<\/em> things but in business\u00a0we call these factors of production<\/span><\/strong>. \u00a0Land and natural resources provide the needed raw materials or even the location from which the business operates. Labor transforms raw materials into goods and services. Capital (equipment, buildings, vehicles, cash, and so forth) are needed for the production process. Entrepreneurship provides the skill and creativity needed to bring the other resources together to capitalize on an idea. In this section we will take a deeper look at not only these factors of production but how they actually cycle from your home to business and back.\r\n

LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include the following:\r\n