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Productive Resources
Anything that can be used to create valuable goods and services.
Land
Natural resources that are processed to become raw materials.
Labour
Physical and mental work that is done to produce goods and services.
Real/Money Capital
Things that help increase productivity.
Entrepreneurship
The ability to develop and organize business activities, and the knowledge to organize and direct other factors of production.
Tangible Resources
Physical properties that can be seen and touched.
Intangible Resources
Lack physical properties that make them easy to quantify.
Environment of Enterprise
The social and cultural values, political and economic institutions that are conducive to doing business and foster a sense of security.
3 Production Questions
What to produce? How to produce? Whom to produce?
Traditional Economy
A economy where the things produced today, are the same things that were produced in the past, and the manner of production remains unchanged.
Command Economy
The central authority (small group of political leaders) answers all production questions based on the best interests of the state.
Market Economy
The actions of individual buyers and sellers in the marketplace determine the answers to the three basic production questions.
Mixed Economy
A economy that is a mix of multiple different economies because no single economic system can meet all the needs and wants of is members.