Ch. 1 The Five Factors of Production

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Entrepreneurship

All the resources in the world have little value unless entrepreneurs are willing to take the risk of starting businesses to use those resources.

Capital

Capital includes machines, tools, buildings, and other means of manufacturing.

Knowledge

Information technology has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.

Land

Land and other natural resources are used to make homes, cars and other products. (natural resources)

Labor

People have always been an important resource in producing goods and services, but many people are now being replaced by technology. (workers)


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