Factors of Production

Let’s look at how a rise in the minimum wage affects the economy under ideal market conditions. To review, in […]

In economics it is assumed that one can, to an extent, substitute one factor for another. So, when one buys

Recently some economists have posited “entrepreneurship” as a separate factor of production. The entrepreneur is thought of as orchestrating the

In common parlance when we speak of “capital” we often mean “wealth”. In economics, capital is classically defined as the

Natural resources (aka raw materials) are all the materials and capacities which are provided by nature such as land, minerals

When you make (almost) anything you need materials such as wheat flour, wood, steel, or plastic, which in turn come