Business – 4.1 The nature of operations – The transformational process | e-Consult
4.1 The nature of operations – The transformational process (1 questions)
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- Land: Natural resources and physical space used for production. Example: The factory site and the raw materials (e.g., iron ore) extracted from the ground.
- Labour: Human effort, skills and knowledge applied in the production process. Example: Assembly line workers who operate machinery and assemble components.
- Capital: Man‑made resources that aid production, such as machinery, tools and buildings. Example: The CNC machines that cut metal parts to precise dimensions.
- Enterprise: The entrepreneurial ability to combine the other three factors, take risks and innovate. Example: The business owner who decides to introduce a new product line and secures financing for additional equipment.