Question

factors of production guided notes
factors of production – the basic ______________ or resources necessary for a business to create goods and services.
what are the four factors of production : ______________________________
______________________________-
land – the __________________________ where economic activity takes place

• includes all the __________________________ found on it
• important role in production because land itself and the ____________________ on it are limited
• ex. ______________________________

labor – the __________, ________ with all their efforts and abilities

• the human input
• ex. ____________________

Explanation:

For "Factors of Production – The basic ____ or resources necessary for a business to create goods and services", the term is "inputs". The four factors of production are Land, Labor, Capital, Entrepreneurship. For "Land – The __ where economic activity takes place", it's "physical space/area". "Includes all the __ found on it" refers to "natural resources (like minerals, water, forests)". "Important role in production because land itself and the __ on it are limited" is "resources". Example: "A farm, a mine". For "Labor – The ____ with all their efforts and abilities", it's "workers/people". Example: "Factory workers, teachers".

Answer:

• Factors of Production – The basic \boxed{inputs} or resources necessary for a business to create goods and services.
• What are the four Factors of production : \boxed{Land, Labor, Capital, Entrepreneurship}
• Land – The \boxed{physical space (or area)} where economic activity takes place; Includes all the \boxed{natural resources (e.g., minerals, water, forests)} found on it; Important role in production because land itself and the \boxed{resources} on it are limited; Ex. \boxed{A farm, a coal mine}
• Labor – The \boxed{workers (or people)} with all their efforts and abilities; Ex. \boxed{Factory workers, teachers}