Lesson Flashcards: Factors of Production

End of flashcards!

Definition

Land

Natural resources that can be utilized for the production of new goods and services

Got it right
Got it wrong
Definition

Entrepreneurship

The organization of resources, risk-taking, and innovation by individuals known as entrepreneurs for the production of new goods and services

Got it right
Got it wrong
Definition

Production

The process through which existing resources are utilized to obtain new goods and services

Got it right
Got it wrong
Definition

Labor

The human efforts utilized for the production of new goods and services

Got it right
Got it wrong
Definition

Economic consumption

The decreased value of capital resources due to the development of more efficient technologies or the changing appetites of consumers

Got it right
Got it wrong
Definition

Capital consumption

The final use (consumption) of fixed or circulating capital during the production processes of goods or services

Got it right
Got it wrong
Definition

Economic development

The improvement in the quality of life or living standards for individuals in the economy

Got it right
Got it wrong
Definition

Fixed capital

Capital resources that can be used multiple times to produce new goods and services (e.g., factory machines and shovels)

Got it right
Got it wrong
Definition

Capital

Capital resources utilized for the production of new goods and services (e.g., cars, pencils, or computers produced by humans or human activity)

Got it right
Got it wrong
Definition

Economic growth

The increase in the total output of production in the economy

Got it right
Got it wrong

Score

0 %

Are you sure you want to reset?

All your progress will be lost.

Nagwa uses cookies to ensure you get the best experience on our website. Learn more about our Privacy Policy.