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Econ. Chapter 1. Verified Instructor Notes for Exam Confidence
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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 factor of production. Labor People with all their efforts, abilities, and skills. Includes all people except a unique group of individuals called entrepreneurs, whom we single out because of their special role in the economy.
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econ chapter 1 verified instructor notes for exa
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scarcity the condition that results from society n
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