Economic Terms Part 1

Land, labor, capital, and entrepreneurship

• Economy
• Infrastructure
• Factors of production
• Capital

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

Forests are examples of...

• Land
• Labor
• Entrepreneurs
• Capital

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Your garbage man is an example of

• Land
• Labor
• Entrepreneurs
• Capital

Cashiers at McDonalds are examples of ….

• Land
• Labor
• Entrepreneurs
• Capital