Note_card-2.docx - Biren Patel Notes cards 2 1 Dual...

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Biren PatelJanuary 18, 2019Notes cards 21.Dual TerminologyOne word with more than one definition or two words or phrases with the same definition.2.MarginalMinimal of requirement3.Economic Resources or Factor of Productiona.Land factor of production: Land water and airb.Labor factor of production: Physical Labor and Mental Labor or Entrepreneurial Ability4.Return to the factors of production: a.Land: Rents, rents are the return for the use of landb.Physical Labor: Wages, wages are the return on payment for Physical Laborc.Mental Labor or Entrepreneurial Ability: Profits, Profits are the return for Entrepreneurial Abilityd.Capital: Interest, Interest is the return for using capital5.Physical LaborA physical tasks like digging a ditch or teaching6.Entrepreneurial Ability or Mental LaborThe ability of the businessperson to put land, labor and capital together to make a product

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