The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship .
What are examples of productive resources?
Point out that productive resources can be placed into three groups: human resources, natural resources or capital resources. Capital resources are goods produced and used to make other goods and services. Examples of capital resources are an office building, computer, oven, and wrench .
What are the 4 factors of production and give an example of each?
| Land Labor Capital | The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company’s physical equipment and the money it uses to buy resources |
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What are the 3 types of resources used in production?
4 Key Resources – The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship .
What are the 4 types of economic resources?
Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship .
What are the 4 economic systems?
- Pure Market Economy.
- Pure Command Economy.
- Traditional Economy.
- Mixed Economy.
Which resource is known as the most productive resource?
Economists study these questions. In economics, it is most common to divide productive resources into three simple categories– land , labor, and capital–which are sometimes called the basic factors of production.
Is a computer a productive resource?
Capital resources are goods produced and used to make other goods and services. Examples of capital resources are an office building, computer, oven, and wrench. ... Recap by saying that productive resources are used to make goods and services that people buy every day.
What are non productive resources?
1 Not producing or able to produce goods, crops, or economic benefit . ‘non-productive land’
What are the 5 types of resources?
Air, water, food, plants, animals, minerals, metals, and everything else that exists in nature and has utility to mankind is a ‘Resource’.
What are the four main types of environmental resources?
Food from plants and animals, wood for cooking, heating, and building, metals, coal , and oil are all environmental resources. Clean land, air, and water are environmental resources, as are the abilities of land, air, and water to absorb society’s waste products.
What are 4 examples of capital resources?
Tools, machinery, buildings, vehicles, computers, and construction equipment are all types of capital goods. Capital goods are one of the four leading economic factors.
What are the four categories of resources give an example of each?
The four categories are: 1) Land – e.g.water . 2 ) Capital – e.g. machinery. 3) Labor – e.g. the effort of workers. 4) Entrepreneurship – e.g. the risk taking involved in organizing resources for production.
What are the four categories of resources quizlet?
The four categories of resources are labor, land, capital and entrepreneurship . Scarcity results in the need to make choices.
What are the 5 economic resources?
Land, labor, capital, and entrepreneurial ability which are used in the production of goods and services. They are economic resources because they are scarce (limited in supply and desired).
What are the 4 main types of economic systems quizlet?
Traditional, command, market, and mixed .
