Economics Ch. 5

• 1. Labor
• 2. Land/Natural Resources
• 3. Physical Capital
• 4. Entrepreneurial Ability

Human effort and talent, physical and mental. This can be augmented by education and training (human capital.)

Any resource created by nature. This may be arable land, mineral deposits, oil and gas reserves, or water.

Manmade equipment like machinery, but also buildings, roads, vehicles, and computers.

The effort and know-how to put the other resources together in a productive venture.