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marketing

for unit 2 vocabulary

TermDefinition
economy/economic system the organized way a nation provides for the needs and wants of its people
Resources are all the things used in producing goods and services
factor of production (talk about resources) factors of production comprise four categories: land,labor,capital and entrepreneurship
land includes everything in the earth or found in the seas
labor refers to all the people who work
capital includes money to start and operate a business
Entrepreneurship to the skills of the people who are willing to invest their time and money to run a bussiness
captial includes infrastructure which is the physical development of a country
Created by: AshleyA-1
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