Factors Of Production Flashcards
People or firms who need and want goods and services
Consumers
Used to make goods and services
Resources/Factors of production
Factor of production using natural resources
Land
Factor of production using human effort
Labour
Factor of production using human-made resources
Capital
Organizing and combining resources in firms to produce goods and services
Entrepreneurship
Making goods and services from resources
Production
People who use resources to make goods and services to satisfy consumers needs and wants
Producers
Consumer goods that last a long time
Durable consumer goods
Consumer goods that are used up quickly
Non-durable consumer goods
Goods that are used up in production
Capital or semi-finished goods
Goods that producers/consumers must trade to obtain goods/services they need and want
Capital or semi-finished goods
