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What are the four factors of labor?
Land, labor, capital, entrepreneurship
What is land?
The land/space that you need to build or harvest something (can also mean natural resources)
What is labor?
Duh
What is capital?
Everything produced or used to produce a product
Entrepreneurship
Putting together all other aspects of production (technology)
Capital vs Consumption goods?
Capital goods: Things produced in order to produce other things
Consumption goods: Things produced in order to be consumed (clothes, food, gaming consoles)
What is scarcity?
A resource with a limited supply and potentially unlimited demand
What is rivalry?
When one person consuming a good limits another’s ability to consume that good.
