The factors of production Flashcards
factors of production
the inputs that combine in businesses to assist in the manufacturing of goods and services in order to satisfy the needs and wants of customers
Natural resources reward
rent
natural resources categories
-below surface
-on surface
-above surface
sustainability
fulfilling the needs of current generations without compromising the needs of future generations.
labor reward
salary/wag
categories of labor
-skilled
-semi-skilled
-unskilled
trade union
an organization that protects the interests and rights of workers
capital reward
interest
2 categories of capital
-monetary capital
-capital goods
entrepreneurs
those people who identify a gap in the market and who then create a product/service that satisfies the needs and wants of the consumer
entrepreneurship reward
profit
types of entrepreneurs
-survivalist
-lifestyle
-social-preneur
