Final answer:
Explanation of labor, capital, and natural resources in economics
Explanation:
Labor, Capital, and Natural Resources:
- An unemployed factory worker: labor
- A college professor: labor
- The library building on your campus: capital
- Yellowstone National Park: natural resource (areas in their natural state), capital (facilities)
Key Concept: Land, as a factor of production, refers to natural resources found in nature and utilized for goods and services.
Learn more about factors of production here:
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