Factors of Production

What is the factors of production?

• Money left over after all the costs of business have been paid.

• Things used in the production of goods and services in order to make a profit.

• unlimited wants and limited needs

• Command economic system

What is profit?

• money left over after all costs of business have been paid.

• Things used in the production of good and services to make a profit

• land or raw materials from the earth

• Tools, supplies and machines used to produce goods

Tools, supplies, and machines used to produce goods are

• Labor

• Natural resources

• Entrepreneur

• Capital

Person who organizes and manages the business is

• Labor

• Natural resources

• Entrepreneur

• Capital

Workers with skills are

• Labor

• Natural resources

• Entrepreneur

• Capital

Land or raw materials from the earth is

• Labor

• Natural resources

• Entrepreneur

• Capital

The tractor that a farmer uses is

• Labor

• Natural resources

• Entrepreneur

• Capital

The farmer is

• Labor

• Natural resources

• Entrepreneur

• Capital

The land used for farming is

• Labor

• Natural resources

• Entrepreneur

• Capital

Bill Gates is a

• Labor

• Natural resources

• Entrepreneur

• Capital