Page 11 - eBook: EXIM for Beginner

i. Factors of production (Land, Labour, Capital
and Entrepreneurs)

 Included are external elements that have

an impact on the company's capacity to
service its consumers.- the company,

suppliers, marketing intermediaries,

customer markets, competitors and public.

ii. Resources: A good starting point to identify
company resources is to look at tangible,

intangible and human resources.

 Tangible resources are the easiest to identify
and evaluate: financial resources and physical

assets are identified and valued in the firm’s

financial statements.
 Intangible resources are mainly unseen, yet they

become more valuable to a company over time

than tangible assets since they can be a major
source of competitive advantage. Reputational

assets (brands, image, etc.) and technological

assets are examples of intangible resources

(proprietary technology and know-how).
 Human resources or human capital are the

productive services human beings offer the firm in

terms of their skills, knowledge, reasoning, and

decision-making abilities.

iii. Activities of organisation

 Human resources, also known as human capital, are the

valuable services that humans provide to businesses in

terms of their skills, knowledge, reasoning, and decision-
making ability.