Factors of Production

Question	Answer
Labor Image: Labor (binary/octet-stream)	The use of one's body and mind to produce goods & services.
Productive Resources or "Factors of Production" Image: Factors Of Production Image Rescaled (binary/octet-stream)	What is needed to produce goods & services.
Capital Image: Assets (binary/octet-stream)	Anything that has value, like assets, can be used to produce goods & services. Examples of capital: Cash, property / land, machines, etc., etc.
services Image: Image Processing20200410 18222 Hhhsr3 (binary/octet-stream)	The intangible (cannot touch) activities that are sold to people who need them. Examples of services: Haircut, carwash, tutoring, dentist or doctor, etc., etc.
entrepreneur Image: Entrepreneur (binary/octet-stream)	Someone who starts a business so they can sell a product or service.
Assets Image: Assets (binary/octet-stream)	A resource with value that is owned by an individual or company.
Economy Image: Economy (binary/octet-stream)	The way in which goods & services are made, sold, and used to meet the needs and wants of people in a certain region. Examples of economies: Bangkok economy, U.S. economy, global economy.
Land Image: Land (binary/octet-stream)	The area on which the production of goods & services takes place. Example: A farm.
Products Image: Products (binary/octet-stream)	A thing produced by labor.
Manufacture Image: Manufacturing (binary/octet-stream)	To make a lot of goods using human labor or machines. This is usually done in a factory.

Resource summary

	Created by Teacher Scott over 1 year ago