Principles of Business

This factor of production includes all the tools, equipment, and machinery used to produce goods and services.

• Land

• Labor

• Capital

• Entrepreneurship

This factor of production includes people who are willing and able to start a new business or purchase and existing business.

• Land

• Labor

• Capital

• Entrepreneurship

This factor of production is also called natural resources.

• Land

• Labor

• Capital

• Entrepreneurship

This factor of production is also called human resources.

• Land

• Labor

• Capital

• Entrepreneurship

The economic resources a nation uses to make goods and supply services for its population.

• Standard of Living

• Scarcity

• Competition

• Factors of Production

When demand is higher than the available resources it leads to this

• Scarcity

• Capitalism

• Consumers

• Utility

An economic system where the economic resources are privately owned by individuals rather than the government.

• Competition

• Standard of Living

• Capitalism

• Economic System

An organized way in which a nation chooses to use its resources to create goods and services.

• Competition

• Standard of Living

• Capitalism

• Economic System

A science that examines how goods and services are produced, sold, and used is called

• Corporation

• Economics

• Entrepreneurship

• Business

An action or task that is performed, usually for a fee.

• iPhone X

• Need

• Service

• Want