The Four Factors of Production
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Objective
I can define and explain the four factors of production: land, labor, capital, and entrepreneurship.
Part 1 of 4
Warm-up video
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Part 2 of 4
Key concepts
3 concepts
- 1
The four factors of production are land, labor, capital, and entrepreneurship.
- 2
In economics, capital refers to something produced to produce other things, such as tools or buildings, and does not include financial assets.
- 3
Entrepreneurship involves combining land, labor, and capital to produce goods, and is sometimes referred to as technology or know-how.
Part 3 of 4
Practice
9 questions
Which of the following is the best definition of 'land' as a factor of production in economics?
Explain the difference between 'capital' as defined in economics versus how the term is used in everyday language.
Part 4 of 4
Exit ticket
Quick comprehension check
“Explain each of the four factors of production using your own words. Give an example of each.”
Sample answer included in the free materials
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