In this lesson, we will learn how to define land, labor, and capital as factors of production and how to understand their characteristics.
Students will be able to
Characteristics of labor
Factors of production
The two classes of goods that satisfy needs, either directly or indirectly
Economic consumption
Q1:
Fill in the blank: is the act of creating goods and services to be consumed.
Q2:
Which of the following is not a factor of production?
Q3:
Which of the following is not an example of land as a factor of production?
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