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Study with Quizlet and memorize flashcards containing terms like Question on Left, What are capital resources?, Examples of Capital resources and more.
Study with Quizlet and memorise flashcards containing terms like Define capital, Examples of capital, Fixed capital and others.
Human-made resources (buildings, machinery, and equipment) used to produce goods and services; goods that do not directly satisfy human wants; also called capital goods.
All the natural resources on or under the ground that are used to produce goods and services. What is the labor resource? All the human time, effort, and talent used to produce goods and services. What is the capital resource? All the resources people make and use to produce and distribute goods and services. What is the entrepreneurship resource?
Economists divide factors of production into four categories: land, labor, capital and entrepreneurship. This video explains the four factors of production, describes the payment each earns, and includes a short video quiz—game-show style.
In economics, capital is defined as the already-produced goods (tools, machinery, equipment, and physical infrastructure) that are used in the production of other goods or services. A robot on a car factory floor is defined as capital in economics; money you borrow to start your own business is not.
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. [1] A typical example is the machinery used in a factory.
