lec no 2. Resources / Factors of prduction
You will Learn in this lecture. What are Resources or Factors of production? (Definition & Meaning) Classification of Resources or Factors of production. Land (Natural Resources) Labor (Human Effort) Capital (Man-Made Goods) Entrepreneurship (Organization, Risk, Innovation) Characteristics of each Resource Factor Income of each Resource: Land → Rent Labor → Wages / Salary Capital → Interest Entrepreneurship → Profit Active vs Passive Factors of Production #Microeconomics #EconomicsLens #Resources #FactorsOfProduction #Land #Labor #Capital #Entrepreneurship #Rent #Wages #Interest #Profit #EconomicsLecture #LearnEconomics #RashidAli
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