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)
