All businesses require productive resources to produce goods and services. Economists classify those resources in 4 main groups:
Land: Includes not only the property, but also natural resources that are used in the production process. Suchs as water and the location of the business.
Labor: All physical and mental skills of workers that are available to produce goods and services, also called human capital.
Capital: Includes goods that aid in producing goods and services, Such as tools, and machinery.
Entrepreneurship: Is the ability of taking risks in order to start new businesses to introduce new products and to improve the management techniques and processes. Knowledge is an example of this.
Labor: All physical and mental skills of workers that are available to produce goods and services, also called human capital.
Capital: Includes goods that aid in producing goods and services, Such as tools, and machinery.
Entrepreneurship: Is the ability of taking risks in order to start new businesses to introduce new products and to improve the management techniques and processes. Knowledge is an example of this.
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