View IGCSE Economics Member Area

IGCSE Economics Factors of Production Mind Map

igcse-economics-mind-maps-factors-of-production

 

CLICK TO GO BACK TO IGCSE ECONOMICS MIND MAP INDEX

IGCSE Economics Factor of Production Mind Map

Factors of production — quick explainer

Land
  • Natural resources used in production (area, water, minerals, forests).
  • Return: rent.
  • Note: Provided by nature; not created by people.
Labour
  • Human effort — physical and mental — in making goods and services.
  • Return: wages/salaries.
  • Note: Skills and training raise labour productivity.
Capital
  • Man-made resources that aid production (machines, tools, buildings, ICT).
  • Return: interest (and dividends for owners).
  • Note: In economics, capital means equipment, not money itself.
Enterprise
  • Organises land, labour and capital; makes decisions and takes risks.
  • Return: profit.
  • Also called: entrepreneur / entrepreneurship.
How it all connects
  • Enterprise combines Land + Labour + Capital to produce goods and services.
  • Each factor earns a reward: rent, wages, interest, profit.
CLICK TO GO BACK TO IGCSE ECONOMICS MIND MAP INDEX

 

IGCSE-Economics-Resources