1. FACTORS OF PRODUCTION

2. FACTORS OF PRODUCTION THINGS NEEDED TO PRODUCE GOODS AND SERVICES
NATURAL RESOURCES+CAPTIAL GOODS+HUMAN RESOURCES+ENTREPRENEURSHIP
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3. NATURAL RESOURCES
PRODUCTS OF EARTH AND ITS ATMOSPHERE THAT ARE USEFUL TO HUMANS Example: Look Right
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4. CAPITAL GOODS
TOOLS USED IN THE PRODUCTION OF GOODS AND SERVICES Example: Factories, machines

5. HUMAN RESOURCES
DESCRIBES THE PEOPLE WHO PRODUCE GOODS AND SERVICES –SUPPLY THE LABOR (PHYSICAL OR MENTAL) Example: Teacher, chef, manager, mechanic
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6. ENTREPRENEURS
WHEN PEOPLE START THEIR OWN BUSINESSES RISKING MONEY AND TIME; HOPE TO MAKE A PROFIT. Example: Walt Disney
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7. RENEWABLE RESOURCES
RESOURCES THAT CAN BE REPLINISH THEMSELVES OVER TIME…
Examples: often farmed, harvested, or hunted.
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8. Nonrenewable resources
Resources that are not replaced by nature; once taken from EARTH they are gone.
Ex: coal, oil, gold, diamonds
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