The Four Factors
- Land
- Natural resources
- Labor
- Any work that is exerted
- Capitals- Two types
- Physical
- Examples- Tools, Factories, Machines
- Human
- Examples- Skills, Abilities, Knowledge, and Talents
- Entrepreneurship
- Being innovative
- Being a risk taker
Sunday, January 24, 2016
Four Factors Of Production
Definition: Resources required to produce goods and services
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