The manufacturing of the iPhone takes place in factories in China. 2. Labour ( giving ones service for money ) 3. What is the term for the point at which they intersect? Land: The land factor includes all the natural resources which are under and above the earth. 3. Land and other natural resources are used to make homes, cars, and other products. Capital Capital applies to all the resources used to produce products and/or services. If these are plenty, then production of goods on large scale is possible. Actually, it is labour which in cooperation with land makes production possible. a. What are the five factors of production? Supply can be influenced by a number of factors that are termed as determinants of supply. Factors of production comprise labor, capital and organization. A supply curve? If so, which one? Land is a passive factor whereas labour is an active factor of production. 5. Is one factor more important than the others? Labor (workers). This implies that the factors of production should be used in combination, so that the production target can be achieved. Of these factors, knowledge and capital creates wealth in the society. Why? Economists have expressed different views regarding the number of factors of production. The Main Factors in the Production Process. The production process of an organization can be efficient, if there is an optimal use of factors. The capital mainly refers to money but can also include tools, machinery, transportation, etc. Land and labour are also known as primary factors of production as their supplies are determined more or less outside the economic system itself. Price can be understood as what the consumer is willing to pay to receive a good or service. How are they related? Entrepreneur: Steve Jobs Phase The factors of production for Coca-Cola. According to the economy, there are 5 factors of production:. 1. Button Text. Terms in this set (5) factors of production Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services. Price. The classical economists classified factors of production into four kinds namely land, labor, capital and organization . The factors of production can be used as … The quantity and quality will influence the volume. The environmental factors that impact the business firms are environmental policies, climate change, pollution, green agenda, waste disposal, etc. Then there is a 6 week cycle of building, testing, improving, and rebuilding. Land (or natural resources). Factors of production are those agents which help in the production of various goods. 1′ Land (things that are on the earth .below the earth and above the earth 2. For example: Soil, water, minerals, oil and forest are important natural production factors. The five factors involved in the production process are labor, land, knowledge, capital and entrepreneur. Phase 1: Production The production process begins with a product development team designing the iPhone. Generally, the supply of a product depends on its price and other variables such as the cost of production. Factors of production: Another determinant of volume is the factors of production. What is a demand curve? Factors Of Production. They began by identifying five factors of production that seemed to ources used to create contribute to wealth (see Figure 1.2): and, labor, capital, neurship, and ge. What are input and output markets?