1. Factors of Production

2. Land All Natural Resources used to produce goods and services
List Examples……..

3. Labor
Any effort a person devotes to a task for which that person is paid
Examples……

4. Capital
Human-made objects used to create other goods and services are called
PHYSICAL CAPITAL
Money
Machines
Factories
Knowledge and skills a worker gains through education and experience is called HUMAN CAPITAL

5. Entrepreneurship
Leader who takes risks to combine land, labor and capital to create new goods and services in the pursuit of Profits.

6. Sources of Income Wages – Labor Rent Profit
Investment – Interest – Value Added