Factors of Production

whats the four factors of production?

• land, labor, capital, & entreprenurs
• water, shoes, food, & toys
• pizza, burgers, fires, & milk shake
• earth, sun, moon, & light

what is labor?

• economics word
• the work people are paid to doto produce goods and services.
• all people who work for money.
• actions one person does for another.

whats a mixed economy?

• a market-based economy in which the government plays a role.
• an economic system in which the people make the economic decisions
• people who buy goods and services
• physical items

whats a market economy?

• the organized way a society provides goods and services to meet the wants and needs of its people.
• an economic system
• a tradeoff

what is specialize?

• economy
• land
• labor
• to produce or provide only one or a few goods and services.

what is a market economy?

• an economic system in which the people make the economic decision.
• land
• labor or capital
• is it a market.

what type of economy do most societies have today?

• market economy
• labor
• mixed economy
• 4 factors of production

what is a profit?

• its a development.
• the amount of money left over after production is paid for.
• a stock
• labor