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Questions and Answers
Production is the process of combining various resources such as land, labor, capital, and ______ to create goods and services.
Production is the process of combining various resources such as land, labor, capital, and ______ to create goods and services.
entrepreneurship
The ______ factor of production refers to all natural resources used in the production process.
The ______ factor of production refers to all natural resources used in the production process.
land
Capital consists of man-made resources such as tools, machines, buildings, and ______.
Capital consists of man-made resources such as tools, machines, buildings, and ______.
money
Labor is defined as the human effort, whether physical or ______, that goes into the production of goods and services.
Labor is defined as the human effort, whether physical or ______, that goes into the production of goods and services.
Entrepreneurs take ______ and make decisions to effectively manage the factors of production.
Entrepreneurs take ______ and make decisions to effectively manage the factors of production.
Flashcards
Production
Production
Combining resources to make goods/services.
Land (factor of production)
Land (factor of production)
Natural resources in production.
Labor (factor of production)
Labor (factor of production)
Human effort in production.
Capital (factor of production)
Capital (factor of production)
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Entrepreneurship (factor of production)
Entrepreneurship (factor of production)
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Study Notes
Production
- Production is the combination of resources (land, labor, capital, entrepreneurship) to create goods/services for human needs.
- It involves changing raw materials to finished products using effort, tools, and technology.
Factors of Production
- Land: Natural resources used in production, encompassing land, water, minerals, forests, and air.
- Labor: Human input (physical or mental) in producing goods/services.
- Capital: Man-made resources used to make goods/services (tools, machines, buildings, and money).
- Entrepreneurship: Ability to manage and organize the other three factors to create goods/services. Entrepreneurs take risks and make decisions.
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