factors of production Flashcards
1
Q
decision making process
A
Decision Making: Determine the decision Identify the alternatives Evaluate the alternatives Make a decision and take action Evaluate decision
2
Q
what are economic resources
A
Economic Resources=Factors of Production
3
Q
what are factors of production
A
Factors of Production
Natural Resources - raw materials that come from the earth, water and air. Ex; wood, oil, fish, iron, salt, oxygen, etc.
Human Resources - people/labour/workers. Ex; factory workers, farmers, website designers, etc.
Capital Resources - buildings, equipment, tools, trucks, factories, etc. Usually last a long time and cost a fortune. (Money/Equipment). Businesses need a lot of money, another capital resource, to buy materials and services they need to do business.
