Section 1: The Basic Economic Problem

Land includes...

• 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 screw driver is an example of...

• Land

• Labor

• Entrepreneur

• Capital

Woodcutters of trees in forests are examples of...

• Land

• Entrepreneurs

• Labor

• Capital

the manager of a hotel is an example of...

• Labor

• Land

• Entrepreneur

• Capital

rough diamond on a riverside is an example of ...

• Labor

• Capital

• Entrepreneur

• Land

Black Pink is an example of ...

• a land

• a laborer

• an entrepreneur

• a capital

Venison (deer meat) is an example of ...

• land

• labor

• capital

• entrepreneur