factors of production
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Created by:
chibisamurai on September 3, 2011
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5 terms
Terms | Definitions |
|---|---|
 factors of production | 4 basic inputs: natural resources, capital, human resources, and entrepreneurship |
| natural resources | include all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits |
| capital | another key resource, includes technology, tools, information, and physical facilities |
| human resources | represent another critical input in every economic system. human resources include anyone who works who works, from the executive chief officer (ceo) of a huge corporation to a self employed auto mechanic |
| entrepreneurship | is the willingness to take risks to create and operate a business |
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