Econ. Chapter 1. Study guides, Class notes & Summaries

resources required to produce the things we would like to have are land, capital, labor, and entrepreneurs. Land "gifts of nature", or natural resources not created by people. Land includes deserts, fertile fields, forests, mineral deposits, livestock, sunshine, and climate. Land is the first factor of production. Capital / Capital goods the tools, equipment, machinery, and factories used in the production of goods and services. It is a result of production. Capital is the second fact...