1. Economic resources
Factors of production

2. Goods and services Goods: tangible items like books and cars
Services: work done to benefit someone else like lawn care and entertainment

3. Factors of Production (4): Resources necessary to produce goods and services
1. Natural Resources: “Gifts of Nature” like land, animals, plants, and minerals.
2. Labor: Human resources – anyone who works to produce goods and services

4. Factors of production
3. Capital: manufactured goods used to make other goods and services. Includes machines, buildings, and tools.
4. Entrepreneurs: Innovative people who start businesses, create new products, and improve the efficiency of production.

5. Assignment!
I will give you a partially completed mind map about the different factors of production. Your job is to fill in the blanks.
Each quadrant of your mind map should include the name of one of the factors of production, its definition, and three examples.