Factors of Production
The factor that ties Land, Labor, and Capital together is __________.
enreprenurship
True or False: ____________ We have a unlimited supply of resources.
false
______ refers to the people that do all the physical and intellectual things necessary to make a business run.
labor
Land can refer to two things
natural resources, and property
List and define the three types of Capital
physical-buildings machines, and tools used in production, intellectual-technological expertise a business acquires over time, and includes trade secrets and unique business processes, social- ability to operate because of social contract, and creates economic environment in which businesses can operate.
The basic economic problem is that
production function
List the Four Factors of Production
Land (natural), labor, capital, and entrepreneurship.
How does the scarcity of resources impact businesses?
basic economic problem, lack of land, labor, or capital, and not lack of riches
How does the scarcity of resources impact consumers?
businesses must choose what items to make with limited resources, consumers must make choices
The relationship between _______ and _________ along with a company's output make up the production function.
capital and labor