Chapter 1: What Is Economics?

The Factors of Production The reason people cannot sat-isfy all their wants and needs is the scarcity of productive resources. The factors of production, or resources required to produce the things we would like to have, are land, capital, labor, and entrepre-neurs. As shown in Figure 1.2, all four are required if goods and serv-ices are to be ... ................
................

In order to avoid copyright disputes, this page is only a partial summary.