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