1. NELC Natural Resources Entrepreneurship Labour Capital
Factors of production
NELC
Natural Resources
Entrepreneurship
Labour
Capital

2. Natural Resources Fixed in supply Cannot be renewed Found in nature
E.g. Oil, water,
marine life, forests etc

3. Entrepreneurship
Brings all the factors of production together in a profitable way
Characteristics of an
entrepreneur
Trustworthy
Enthusiastic
Risk taker
Professional
Honest
Hard working
Energetic
Passionate

4. Labour
The mental and physical effort of people involved in a business

5. Capital Does not include money
Manufactured resources e.g. machines, tools, and buildings (capital goods)
Capital goods are needed to produce goods and services