the sacrifice of the next best alternative forgone
5 of 7
1) Factors of production
1) land= all natural resources available for production, 2) labour the skills of the workforce and the quantity of labour they produce
6 of 7
2) factors of production
, 3) capital= investment in man-made aids to future production including buildings, factories and computers, 4) entrepreneurship= the risk taking role of business undertaken in the pursuit of profit
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