Economics Factors of Production
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natural resources
Natural resources or "gifts of nature" not created by human effort; one of four factors of production land, minerals, water, animals, vegetation, and marine life.
entrepreneur
A someone who takes a risk in starting a business to earn a profit. An entrepreneur is the key factor in the production of goods and services.
factors of production
Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services.
labor resources
The human physical and mental effort used to produce goods and services.
capital resources
The means used to produce goods and services; for example, factories, trucks, and machines, tools and other equipment.
