Econ My Review Answers - 1 Factors of Production Natural...

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1. Factors of Production Natural Resources – Things created by acts of nature. Labor – This includes human effort, physically and mentally, used to produced a good or service. Human and Physical Capital – These are buildings, machines, equipment and financial resources used in production of final goods. As well as any knowledge of skills acquired by workers. Entrepreneurship – the effort to coordinate the production and sale of goods. 2. The law of Demand - The Law of Demand states that, other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases. If the price of the good falls, the quantity demanded of that good increases. 3. The law of Supply - The law of supply states that, other things remaining the same, if the price of a good rises, the quantity supplied of that good increases. If the price of a good falls, the quantity supplied of that good decreases. 4. 5 Factors Shift Demand Curve
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Econ My Review Answers - 1 Factors of Production Natural...

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