Theology 12: Chapter 7

Traditionally defined as "land, labor, and capital," these are the three things that are involved in creating goods and services

• Factors of Production
• Objective Dimension of Work
• Subjective Dimension of Work
• Consumerism

The resources used by laborers to make products, namely natural goods and capital

• Means of production
• Labor
• Capitalism
• Dominion

A good or service created from the factors of production that may be sold to consumers

• Product
• Labor
• Natural Goods
• Capital

Human energy and effort directed toward producing goods and services

• Labor
• Natural Goods
• Capital
• Product

Resources existing in nature that can be used to produce goods and services

• Natural Goods
• Labor
• Capital
• Product

Material and immaterial resources created by humans that are used to produce goods and services

• Capital
• Product
• Labor
• Natural Goods

Material objects created through human labor that are used to produce goods and services

• Physical Capital
• Financial Capital
• Human Capital
• Natural Goods

Money that is used to buy physical capital involved in the production of goods and services

• Financial Capital
• Physical Capital
• Human Capital
• Natural Goods

The skills and knowledge of laborers resulting from education, experience, and the development of their natural talents

• Human Capital
• Physical Capital
• Financial Capital
• Natural Goods

An economic system based on private ownership of the means of production

• Capitalism
• Socialism
• Communism
• Mixed Economy