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Econ. Chapter 1. Verified Instructor Notes for Exam Confidence
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5
May 2024
2023/2024
A
resources required to produce the things we would like to have are land, capital, labor,
and entrepreneurs.
Land
"gifts of nature", or natural resources not created by people. Land includes deserts,
fertile fields, forests, mineral deposits, livestock, sunshine, and climate.
Land is the first factor of production.
Capital / Capital goods
the tools, equipment, machinery, and factories used in the production of goods and
services. It is a result of production.
Capital is the second fact...
Thompson12
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