Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
|
1. Natural resources
2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge |
Factors of Production
|
|
|
Commodities that are useful inputs in their natural state
|
Natural Resources
|
|
|
Economic contributions of people
|
Labor
|
|
|
The inputs, such as tools, machinery, equipment, and buildings, used to produce gods and services and get them to the customer
|
Capital
|
|
|
People who combine the inputs of natural resources, labor, and capital to produce gods or services with the intention of making a profit or accomplishing a not-for-profit goal
|
Entrepreneurs
|
|
|
The combined talents and skills of the workforce
|
Knowledge
|
|
|
Workers who creat, distribute, and apply knowledge.
"___ ___ are going to be the primary force determining which economies are successful and which aren't." |
Knowledge Workers
|
