Goods and skills used as inputs for production.
Factory buildings, tools, and equipment used as inputs for production.
The demand for a resource depends on the demand for the end products that
the resource helps to produce.
The part of the earnings of a resource that is not needed to keep that
resource at its present use.
A person who seeks the best opportunities for production and coordinates
all the other resources in order to carry them out.
The skills that human beings provide as an input in the production of
goods and services.
Human work that is, or can be, directed toward production.
What a firm has to pay to add another unit of a resource, or factor of
production.
The additional output produced by an extra unit of a resource (input).
The re venue (amount of money) a firm receives as a result of selling the
additional quantity of output that one more unit of a resource
(input) allows it to produce.
The "gifts of nature " that can be used to produce goods.
The degree of responsiveness of the quantity demanded of a resource to a
change in its price.
Combinations of resources required to produce goods and services.
The part of the earnings of a resource that is equal to the earnings that
this resource could command in the next-best use to which it can
be put.
