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Factors of Production study guide by mcdonoughcbk includes 6 questions covering vocabulary, terms and more. Quizlet flashcards, activities and games help you improve your grades.
The skills a worker has as a result of education, training, or experience that can be used in the production of goods and services Finacial Capital Includes money and other "paper" assets (such as stocks and bonds) that represent claims on future payments which can be used directly or indirectly to purchase factors of production or goods and services.
All of the factors of production interact with one another. Natural resources are transformed into capital goods by human labor and subjected to market risk through entrepreneurial activity. Each factor of production is able to contribute to production processes and earn an income based on its use. The income for land is usually called rent. capital resources command economy consumers division of labor economic efficiency economic security economic systems economics entrepreneurship factor market factors of production full employment goods human capital human resources inflation invisible hand macroeconomics market manufactured material used Economics Unit 1 Study.
Capital as Factor of Production. Capital is an important factor of production. It consists of those goods which are produced by the economic system and are used as inputs in . Factors of Production: Land, Labor, Capital What It Means. In economics the term factors of production refers to all the resources required to produce goods and services. A paper company might need, among many other things, trees, water, a large factory full of heavy machinery, a warehouse, an office building, and delivery trucks.