ecn111

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

What are the four factors of production?

• Natural Resources, Capital, Need & Want

• Natural Resources, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Goods & Services

Labor is not inseparable from the Laborer

• True

• false

capital is the accumulated knowledge and experience an average in the economy possesses.

• Labor

• Capital

• Human capital

• Job experience

The payment to entrepreneurship is

Non- Renewable land or natural resources are forests, ethanol and many others

• True

• False

Production is the measure of creating, growing, manufacturing or improving goods and services.

• True

• False