Factors of Production

The term used to describe the way a nation provides for the needs and wants of its people

• resources
• economy
• factors of production
• Infrastructure

Land, labor, capital, and entrepreneurship

• Economy
• Infrastructure
• Factors of production
• Capital

Everything contained in the earth or found in the sea ex: coal and crude oil

•  Land
• Labor
• Resources
• Infrastructure

The goods used in the production process such as factories, machinery and equipment

• Land
• Labor
• Resources
• Capital

The physical development of a country including roads, ports, utilities

• Land
• Labor
• Infrastructure
• Entrepreneurship 

The people who work in both the public and private sector

• Land
•  Labor
• Entrepreneurahip
• Capital

The skills of people who are willing to invest time and money to run a buainess

• Labor
• Land
• Capital
• Entrepreneurship 

Difference between wants and needs and available resources

• Economy
• Factors of Production
• Resources 
• Scarcity