Econ 4.1 3.0 / 5 based on 2 ratings ? EconomicsIGCSENone Created by: Amy HaoCreated on: 10-12-12 04:30 Define nature of economic problem finite resources and limited resources 1 of 9 4 factors of production labour, land, capital, entrepreneurship 2 of 9 Define land Land includes all the natural resources found on Earth 3 of 9 examples water, forest 4 of 9 Define labor working force of the production 5 of 9 Define capital man-made resources which aid production of goods and services 6 of 9 example pens, computers, machinery 7 of 9 Define Entrepreneurship the ability to run a production process 8 of 9 Define opportunity cost the cost of giving up the benefits of the next best alternative 9 of 9
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