Chapter 2 - Factors of production

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10 Terms

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factors of production

the economic resources: land, labour, capital, and enterprise

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land

any natural resources (water, coal, fish)

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labour

human effort both mental and physical

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capital

any human - made good to produce other goods (factories, offices, machinery)

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enterprise

the ability to combine the factors of production into a productive process that creates goods and services.

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entrepreneur

a person who bears the risks and makes the key decisions in a business

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occupationally mobile

capable of changing use

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geographically immoble

incapable of moving from one location to the other

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labour force

people in work and those actively seeking work

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productivity

the output per factor of production in an hour