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There are four main types of resources available for use in production land labour capitol and enterprise These resources are scarce due to the fact that wants are unlimited Since all wants cannot be satisfied we have to make choices in what to buy A production possibility curve can be used to illustrate the economic problem With advances in technology and expanding resources the production possibility curve will move over time Resources are known as factors of production and there are four of them 1 Land refers to all resources provided by nature for mankinds use It includes forests oil and mineral deposits farmland soil fishing grounds and water resources Land is not confined to its everyday usage It means more than just a home site a farm or a place to build a factory In order to be productive however land requires the application and assistance of the other factors That is before land can produce goods and services it must be combined with labour capital and enterprise 2 Labour which includes all forms of human effort used in the production process both physical and mental The quality of labour is determined by various factors such as the level of education and training the ability and willingness to work and the size of the workforce Like land labour is regarded as a passive factor of production That is labour must be organised and combined with other factors to produce goods and services 3 Capitol which includes all manufactured goods which have been produced for the purpose of assisting with the production of final goods and services also referred to as producer goods These include machinery factory buildings and computers Capitol goods are man-made For this reason capital is often defined as produced means of production Moreover because they are used by firms in conjunction with other factors they are sometimes called producer goods By this definition money is not
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