Unit One: Chapters 1 and 2- Factors of Productions

FACTORS OF PRODUCTION

Notes from (1/5/16)

Factors of Production- Resources required to produce goods and services

1.) LAND- Natural resources

2.) LABOR- The work force

3.) CAPITAL:

• Human Capital- Skills, Learned in college/trade
• Physical Capital- Tools, Machinery, Buildings, Trucks

4.) ENTREPRENEURSHIP- Innovative, Risk- Taker

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