Factors of Production

Land

• DEF:NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES
• Examples: Oil, Coal, Trees

Labor

• Definition: THE EFFORT A PERSON DEVOTES TO A PAYING TASK
• Examples: Waitress, Teacher, Construction Worker

physical capital

• Definition: Human made objects
• Examples: Crayons, Candles, cars, stores

Human capital

• Definition: THE KNOWLEDGE AND SKILLS A WORKER GAINS THROUGH EDUCATION AND EXPERIENCE
• Examples: Training required for a certain job

Entrepreneuor

• Definition: Someone who creates their own business
• Role they Play: Provide more jobs and money, add more variety to the market, helps improve the economy