2. Definition of the factors of
production
In economics, factors of production
(or productive inputs or resources)
are any commodities or services
used to produce goods and services.
Labor
Land
Capital
Entrepreneurship
3. resources of
available
manpower.
human-made
natural resources
goods, tools,
in the form of
machines and buildings
arable land
used to produce other
goods and services.
someone who
organizes a
business
venture and
assumes the
risk for it .
4. Why is business needed ?
To keep the national
and international
economy going.
People have
unlimited wants.
To improve and advance
people's quality of life
on earth.
To speed progress.
