Factors of Production

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 steel factory is an example of

• Land
• Labor
• Entrepreneurs
• Capital

The Chromebooks you are using are examples of

• Land
• Labor
• Entrepreneurs
• Capital

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

AN ENTREPRENEUR IS A PERSON WHO _______________.

• owns their own business

• uses goods and services to produce labor, land, and capital.

• use land, labor, and capital to produce good and services.

• loves nature and runs a business