Entrepreneurship
This factor of production refers to the risk-taking individuals who combine other resources to create goods and services.
What is Entrepreneurship?
This factor of production includes anything useful that comes from nature, such as land, water, and minerals.
What is natural resources?
This factor of production includes tools, machinery, and _____________ used to produce goods and services.
What are buildings?
This term describes the physical and mental effort workers contribute to production.
What is labor?
This term describes knowledge that is written down, documented, and easily shared, like a textbook or manual.
What is explicit knowledge?
This is the reward entrepreneurs earn for taking on risk and organizing production.
What is profit?
This term describes the type of natural resources like trees or fish that can be replenished over time.
What is a renewable resource?
This type of capital refers to money invested in a business to buy capital goods.
What is financial capital?
Any unwelcome sexual advance, request for sexual favor, or other verbal, non-verbal, or physical conduct of a sexual nature that makes a person feel offended, humiliated, or intimidated, or that affects employment decisions is defined as this.
What is sexual harassment?
Patents and trade secrets protect ___________, which are legal protections for knowledge.
What is intellectual property?
Entrepreneurs perform this function when they introduce new products, processes, or business methods to the market.
What is innovation?
This term describes natural resources like oil and coal that cannot be replaced once used up.
What is a non-renewable resource?
This economic term describes using resources today to create capital goods that will increase production in the future.
What is investment?
These individuals provide the physical and intellectual labor a business needs to operate.
Who are employees?
_________ and research labs primarily produce knowledge, which drives innovation across all industries.
What are Universities/Colleges
This term describes an entrepreneur's willingness to accept the possibility of financial loss in pursuit of profit.
What is risk-taking?
This is used to grow crops, which was a key resource during the American Agricultural Era.
What is farmland?
These types of capitalists provide large amounts of money to business start-ups for a stake in the success of the company.
What are venture capitalists?
Businesses often invest in this process to improve employees' skills and productivity.
What is training?
This term describes knowledge gained through experience that is hard to write down or teach directly, like a chef's intuition.
What is experiential knowledge?
Figures like Steve Jobs and Bill Gates are cited as examples of this factor of production because they organized capital, labor, and resources into successful companies.
This is the general economic term for land, along with the resources found on or under it, identified by classical economists as one of the original three factors of production.
What is land?
This type of capital describes capital in the form of machines and buildings, as opposed to money used to purchase it.
What is physical capital?
401(k) plans and retirement funds are examples of this type of Human Resource?
What are employee benefits?
Often called the "fifth factor of production," this refers to information, ideas, and know-how used to produce goods and services.
What is information?