Land
What is Land?
Natural Resources that an area provides
Labor is the amount of humans available to aid ______?
Production.
Capital is the process of using ______ to produce goods (Name one)
Machines, Buildings, Equipment, or Factories
Enterprise is the availability of people willing to take risk for greater _____
Profit.
Most of history has viewed labor as ________
Physical.
What are the two types of resources?
Renewable and Non-renewable
Labor can be either;
Mental or physical
Spending a lot of money on capital is a sign that a business is what?
Wanting to grow.
Many entrepreneurs in a community often leads to ________
Economic growth.
Technology like Computers could be considered what factor of production?
Capital.
Name an example of Land or a Natural Resource.
Ex; Forests, Oil, Minerals and Metals like copper
Pay someone receives for labor is known as what?
Human resources
Name an example of Capital.
Hammers, Tractors, Laptops, even things like pencils
A key term for describing how much risk an entrepreneur is willing to take.
Risk Appetite.
An employee using a forklift to grab a pallet is an example of what factor of production?
Capital.
Which of the following is NOT an example of a natural resource; Mined Coal, Cooked Fish, Chopped Trees, or Fresh Water?
Cooked Fish, as the fish has been cooked.
Today Workers need _____ to work, (Name one)
Education, Skills, or Motivation
This is another way to refer to Capital.
man-made resources
An area with less business competition, and a smaller economy likely has less ________
Entrepreneurs.
This is another way to refer to Land.
Natural resources
What do companies do with resources collected from land?
Convert them into more valuable goods that they can sell for a profit.
The higher the quality of labor, the more _______ it will be
Productive/Efficient
One could say that certain parts of capital may require what in order to function?
Labor.
An area with lots of entrepreneurs and economic growth may cause similar business to ________.
Compete with each other.
The factors of production are limited resources that are used to satisfy unlimited wants and needs. Unlimited wants and needs versus limited resources gives rise to the economic problem of _____.
Scarcity