Econ 200101 certification Study guides, Class notes & Summaries

Resource - Any item, whether a gift of nature, the result of production, or the result of human effort, that is used to produce goods and services. land - all natural resources used in production labor - all physical and mental activity devoted to producing goods and services capital - the tools, equipment, machinery, and factories used in the production of goods and services entrepreneurial ability - the talent/ability to combine land, labor, and capital to produce goods and services ...