Factors of Production

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 physical and mental 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 physical and mental 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.

Labor refers to...

• people with all their physical and mental efforts and abilities

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

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

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

Entrepreneurs are...

• people with all their physical and mental efforts and abilities

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

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

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

Timber is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Your electrician is an example of

• Land
• Labor
• Entrepreneurs
• Capital

Your veterinarian is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Bill Gates is an example of...

• Land

• Labor

• An Entrepreneur

• Capital

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur