ContempEconCh1L2
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Created by:
Lsangdahl Plus on August 23, 2011
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8 terms
Terms | Definitions |
|---|---|
 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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