1. The role of the factors of production in an economic system
Objective 9.3 (CE9a)
The role of the
factors of production
in an
economic system

2. People who start new business adventures
entrepreneurs
People who
start new business adventures

3. Risk is money Reward is profit (money left after expenses are paid)
entrepreneurs
Risk is money
Reward is profit
(money left after expenses are paid)

4. human resources (labor)
time, energy, skills, knowledge, and talent brought by people
to the production of
goods and services

5. human resources (labor)
Since everyone can not do everything well, labor is considered a limited resource

6. natural resources (land)
The raw materials needed to produce
goods and services

7. natural resources (land)
soil
water, oil, and metals
plants and timber
animals

8. natural resources (land)
Since many of these can not be replaced, land is considered a limited resource.

9. Anything produced in an economy that is saved
capital resources
Anything produced in an economy that is saved
to be used to produce other goods and services

10. machines buildings tools money that is saved
capital resources
machines
buildings
tools
money that is saved

11. People who plan and supervise the production of goods and services
management
People who
plan and supervise
the production of
goods and services

12. creating goods and services
production
creating
goods and services
producer

13. using goods and services
consumption
using
goods and services
consumer

14. transporting the goods and services from the producer to the consumer
distribution
transporting
the goods and services from the producer
to the consumer
distributor