Chapter 13What is an Economy?
13.1 Why Societies Have Economies?
Factors of Production
Labor is the time, energy, and skills of workers.
Land is resources such as water, minerals, and timber.
Capital is anything such as tools, machines, or buildings used to produce goods or services.
System of Distribution
Through a system of distribution, the people who want goods and services receive them.
Consumption is The act of buying or using goods and services.
Through a chain of activities, people c