ContempEconCh1L2

Created by Lsangdahl Teacher

8 terms

goods

things that are bought and sold

services

activities that are bought and sold

factors of production

capital, entrepreneurship, land, labor

land

natural resources used to make goods

labor

physical or mental work that people are paid to do

entrepreneurship

taking the risk to start a new business

capital

money, equipment, buildings used to make a product to sell

productivity

how much work a worker can do in a certain time

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