Factors of Production Flashcards
1
Q
These four factors must be present in order to _____________________.
A
to produce all goods and services
2
Q
Land
A
natural resources or arts of nature
3
Q
capital
A
tools, equipment, and factories used to produce goods and services
4
Q
Labor
A
people with all their efforts, abilities, and skills
5
Q
Entrepreneur
A
Those who take risks in search of profits. They start new businesses and bring new products to market.
