factors of production - resources necessary for making of goods and/or services, natural resources - resources that occur in nature and are given to us by the Earth, renewable resources - natural resources that can be replaced, non-renewable resources - natural resources that can not be replaced, depletion - to reduce or use up, recycle - to use again, examples of renewable resources - animals, plants, examples of non-renewable resources - oil, coal, gold, iron, human resources - people who work and contribute to the economy, labor - work, labor force - collective group of workers, manual labor - someone who works with their hands, specialization - when a worker has special training or education to perform a specific task, division of labor - when many workers specialize and help to produce a finished product, wages - payment for work done, minimum wage - lowest amount per hour an employee can pay by the hour; set by the government, capital resources - money, property, supplies, equipment, buildings needed to make goods or services,
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Factors of Production - Definitions
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