The document discusses the four categories of resources or factors of production that economists use: land, labor, capital, and entrepreneurship. It defines each category and provides examples. Land includes all natural resources. Labor refers to human effort. Capital consists of manufactured goods that can be used for further production, such as machinery. Entrepreneurship is the special talent of developing new ideas and taking risks to start new businesses. The document also notes that resources are paid for through rent, wages, interest, and profit.

1. 4Types of Resources

2. Resources = what is needed to produce goods and services

3. Resources = Factors of Production

4. Economists classify RESOURCES or factors of productionin 4 categoriesLandLaborCapital4. Entrepreneurship

5. Landincludes all natural resources

6. LABOR

7. Capital= produced goods that can be used for further productionFarm machinery, industrial tools, factoriesAlso, commonly, investment money

8. EntrepreneurshipThe special talent some people have for searching out and developing new ideasThe special talent for developing new products and new ways of doing things.But how is an entrepreneur different from an inventor?

9. Which category of resources identifies these?Frida’s work as a secretaryIron oreCrop-duster airplaneComputer used to write a bookComedian telling jokes on tvSinger in an out-door concertTeacherSomeone inventing and marketing a new goodCrude OilDeep sea oil platform

10. People need resources so they pay for them.We can describe that payment by using money. Monetary payments to Resources:

11. Monetary payments to Resources:Land RentLabor WagesCapital InterestEntrepreneurship Profit

12. Price = the sum of the monetary payments to resources