Question

Let’s say you just bought a new cell phone. Listed here are some of the many resources that went into producing that phone. Categorize the resources according to factors of production.


production
workersthe mineral
tungstenmachines on
which phones
are produced the mineral copperengineering
knowledgeengineersthe company
founder's ability
to create the
company and
market the phonedesignersoilproduction
knowledgewood pulp for
making packagingtrucks and
airplanessalespeople

Answer 1

Land:

The mineral copper

The mineral tungsten

Oil

Wood pulp for making packaging

Labor:

Engineers

Salespeople

Designers

Production worker

Capital:

trucks and airplanes

machines on which phones are produces

engineering knowledge

production knowledge

Entrepreneurship:

The company founders ability to create the company and market the phone

Answer 2

Factors of production are those inputs that are used for producing outputs. These are also regarded as resources as which help in manufacturing and supplying the final goods to customers.

The resources used in the production of mobile are:

• Land: The mineral copper, tungsten , wood pulp, and oil as they are natural resources that comprise the land factor of production.
• Labor:  Engineers, Salespeople, Designers, and Production workers are the labor factors as they are teh human resources.
• Capita: Trucks, airplanes, machines , engineering knowledge , and production knowledge are the capital of the business.
• Entrepreneur: It includes the business owners and founders who have initiated the business process.

Learn more about production factors here:

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