![]() ![]() People who are employed-or are available to be-are considered part of the labor available to the economy. is the human effort that can be applied to the production of goods and services. Labor The human effort that can be applied to the production of goods and services. The factors of production in an economy are its labor, capital, and natural resources. Ultimately, then, an economy’s factors of production create utility they serve the interests of people. The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue is called utility The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue. Explain the role of technology and entrepreneurs in the utilization of the economy’s factors of production.Ĭhoices concerning what goods and services to produce are choices about an economy’s use of its factors of production The resources available to the economy for the production of goods and services., the resources available to it for the production of goods and services.Define the three factors of production-labor, capital, and natural resources.zip file containing this book to use offline, simply click here. You can browse or download additional books there. More information is available on this project's attribution page.įor more information on the source of this book, or why it is available for free, please see the project's home page. Additionally, per the publisher's request, their name has been removed in some passages. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Normally, the author and publisher would be credited here. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. ![]() This book is licensed under a Creative Commons by-nc-sa 3.0 license.
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