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Explain the different factors of production.
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Explain the different factors of production.
Explain the different factors of production.
Textbook
Business in Action
Edition:
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th
Authors:
Bovee, Thill
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More questions for this book are
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Natural resources
are things that are useful in their natural state, such as land, forests, minerals, and water.
Human resources
are people and their individual talents and capacities.
Capital
includes money, computers, machines, tools, and buildings that a business needs in order to produce goods and services.
Entrepreneurship
is the spirit of innovation, the initiative, and the willingness to take the risks involved in creating and operating businesses.
Knowledge
is the collective intelligence of an organization.
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