Economists
classify economic resources into four factors of production:
Land – any naturally
occurring substance extracted from the air, sea or earth.
Labour –
employees.
Capital –
any manufactured item used to produce another good or service.
Enterprise –
has an idea, makes an investment, organises/manages the other factors of
production.
Free good – any good that is not scarce.
Economic good – any good that is scarce and therefore can
command a price when sold.
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