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Economic Notes
6
Economics
12th Grade
01/27/2009

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Term
LAND
Definition

Natural resources utilized in the production process; land, crude oil,water,vegetation,mineral,ect.

Term
LABOR
Definition

The human resource in production; human mental and/or physical efforts exerted in the production of goods and services.

Term
CAPITAL
Definition

Good used to produce other goods in the production process machines, equipment, tools, the factory, ect.

Term
ENTREPRENEURSHIP
Definition

the ability to combine land, labor and capital to produce goods and services; requires initative, risk taking and organizationional abilities. the preceding characteristics distinguish entrepreneuship from the other human resorce-labor

Term

WHAT is to be produced and in what quantites.

Definition
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