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Factors of Production
1.Define the four factors of production—labour, capital, natural resources and entrepreneur. 2. Define what is technology.
Terms in this set (9)
Factors of Producton
The resources available to an economy, namely Land, Labour, Capital and Entrepreneur, for the production of goods and services.
The value, or satisfaction, that people derive from the goods and services they consume and thwe activities they pursue.
Human effort that can be applied to the production of goods and services.
The resources of nature that can be used for the production of goods and services.
A factor of production that have been produced for use in the production of other goods and services.
A person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.
The knowledge that can be applied to the production of goods and services
The skills a worker has as a result of education, training, or experience that can be used in the production of goods and services
Includes money and other "paper" assets (such as stocks and bonds) that represent claims on future payments which can be used directly or indirectly to purchase factors of production or goods and services.
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