O'Reilly logo

The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Where Income Comes From

Households receive income mainly in exchange for providing businesses with labor and other factors of production—the essential things needed to produce goods and services. Economists define the factors of production as land, labor, and capital. Land is self-explanatory and includes not only farmland but all land devoted to factories, offices, terminals, and other commercial purposes. Labor refers to all human effort aimed at producing something or performing a service for payment.
101
ECONOTALK
The factors of production are land, labor, and capital. Capital refers to productive plant and equipment—any tangible thing that ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required