Flashcard: Fundamentals of Factors of Production — 10 carte

Human Capital — development?

Skills, knowledge, and abilities gained through education and training.

Factors of Production — definition?

Resources used to produce goods/services.

Factors of Production — components?

Land, labour, capital, entrepreneurship, technology.

Land — include?

Natural resources like soil, minerals, water.

Land — natural resources?

Includes soil, water, minerals, forests, air, sunlight.

Labour — effort?

Physical and mental human effort.

Human Capital — example?

Skills and knowledge of workers.

Capital — example?

Machinery, tools, financial assets.

Entrepreneurship — role?

Organizes resources, takes risks, innovates.

Technology — impact?

Improves efficiency, innovation in production.