Business chapter 1

business chapter 1-4 exam No.2

land

Natural resources used to produce goods and services, such as farmland, water, oil and forests.

Labour

The human effort used in production, both physical and mental. For example, factory workers and teachers.

Capital

Human-made resources used to produce goods and services, such as machinery, tools and factory buildings. In this context, capital does not simply mean money.

Enterprise

The ability to organise the other factors of production, take risks and run a business. The person who does this is an entrepreneur.