Glossary · Micro · Macro · Economic foundations
Factors of production
The four inputs every economy combines to make goods and services: land (natural resources), labor (people’s work), capital (tools, machines and buildings) and entrepreneurship (the people who organise the other three and take the risk).
Also called: inputs, resources
Related terms
More from economic foundations
Definitions are the start
See the term used, not just defined.
The full course teaches every term in context, with worked examples, interactive graphs and practice questions that remember what you get wrong.