Economics in Entrepreneurship

The individual responsible for combining all other factors of production to produce a good or service.

The resources used to make goods & services

These are necessary to survive

Mowing a lawn for a neighbor is considered a

Which factor of production includes any form of human effort exerted in production?

A man-made factor of production used by labor to make other products

Money made after expenses (bills) have been paid is called

Goods are things that are produced or manufactured, which means man-made

Shortage of goods and services results in this:

A social science concerned with how people satisfy demand for good and services

The things that people need and want are classified into

Anything you can use to make or obtain what you need

What are the gifts of nature that make production possible?