Factors of production
includes all natural resources used to produce goods
What is Land
physical and mental effort contributed by people to producing goods and services.
what is labour
machinery, factories, warehouses, and equipment used to produce goods and services
what is capitalism
contribution made by owner, manager, or innovator who organizes land, labour, and capital to produce goods and services.
Entrepreneurship
firm’s ability to maximize output from resources available, usually measured as firm’s output per worker
what is productive