Week 3 Economics Vocab

Front

Labor:

Back

Work for pay to produce goods and services.

Front

Natural resources used to produce goods and services:

Back

Land

Front

Manmade resources for producing goods and services.

Back

Capital

Front

An entrepreneur is a person who _______________.

Back

uses land, labor, and capital to produce goods and services.

Front

Factors of production: ?

Back

labor

Front

Factors of production:

Back

capital

Front

Steve Jobs, founder of Apple, holds an iPhone. Another name for someone who starts a business?

Back

entrepreneur

Front

Factor of production?

Back

land

Front

Factor involving money, equipment, and tools for producing goods and services?

Back

capital

Front

Example of a Factor of Production: Garbage truck driver

Back

Labor