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finals ss 2

factors of production

QuestionAnswer
land non man-made materials used to make a product or service
labor skill, knowledge, time and energy people use to make a product or service
capitol machines and tools used to make a product or service
wants the desire or need for a product or service
production the combination of land, labor and capitol to make a product or service
distribution the act of making a product available for the people
consumption when people use the product or service
benefits the positive aspects of that comes with a choice
scarcity the absence of something that results in the conflict of not having a product
opportunity cost the most important benefit you give up when you choose something else
Created by: fionn mclaughlin
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