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Old Sunday, February 03, 2013
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Default Definitions
1. Resources: The inputs or factors, used to produce good and services that humans want; they consist of labour, capital, land and entrepreneurial ability.

a) Labour: The physical and mental effort of humans used to produce goods and services.

b) Capital: The buildings, equipment and human skills used to produce goods and services.

c) Land: Plots of ground as well as other natural resources used to produces goods and services.

d) Entrepreneurial ability: Managerial and organisational skill, combined with the willingness to take risks.
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