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7 Cards in this Set
- Front
- Back
1. Natural resources
2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge |
Factors of Production
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Commodities that are useful inputs in their natural state
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Natural Resources
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Economic contributions of people
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Labor
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The inputs, such as tools, machinery, equipment, and buildings, used to produce gods and services and get them to the customer
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Capital
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People who combine the inputs of natural resources, labor, and capital to produce gods or services with the intention of making a profit or accomplishing a not-for-profit goal
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Entrepreneurs
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The combined talents and skills of the workforce
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Knowledge
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Workers who creat, distribute, and apply knowledge.
"___ ___ are going to be the primary force determining which economies are successful and which aren't." |
Knowledge Workers
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