Economics Chapter 3, Sections 1-3: Prosperity Does Not Grow On Trees

Economics Chapter 3: The Factors of Production

Terms to Know:

Section 1: Prosperity Does Not Grow on Trees

The Five Main Factors for Production:

(1) Natural Resources
(2) Labor
(3) Capital
(4) Entrepreneurship
(5) Information

Types of Economies:

A traditional economy is a system in which decisions involving the production, distribution, and consumption of goods are based upon on custom, heredity, and caste.
A planned (directed) economy is a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments, and prices.
A free enterprise economy is a system in which people are free to make their own economic choices, also know as private capitalism.

Section 2: The Factor of Natural Resources

Natural resources are land and other raw materials.

Section 3: The Factor of Labor

Labor refers to any work, whether physical or mental, that contributes to the production of goods and services.
The labor of free men and women is usually more productive than the labor of slaves, serfs, and other people who are not free.

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