Created by Ellen Skidmore
The Factors of Production
Labor- Labor represents the capital used to transform natural recourses into products for consumers.
Capital- Capital can represent the money that companies use to purchase natural resources, land and other goods/services. Capital also represents the major resources individuals and companies use when producing goods or services.
Entrepreneurship- Entrepreneurs are considered a factor of production because entrepreneurs create ideas and products that people can sell or buy.
Zambia is a big country, but it is developing. The country is Free Enterprise, and the people sell things on the side of road. They sell what ever they can make out of their surroundings. http://dkskidmore.blogspot.com/2013_04_01_archive.html
Norway is industrialized, and it is a socialist country.Norway is one of the most heavily taxed countries in the world with a total tax burden of roughly 45% of GDP– almost 4x Hong Kong and nearly twice the US. VAT here is a whopping 25%. Personal income tax rates border 55%. Corporate profits tax ranges from 28% to as high as 78%.(www.sovereignman.com/.../why-norway-is-a-bs-argument-for-higher-taxes)
Russia is a communist country. Russia is industrialized, and is strong. The GDP is 2.097 trillion. Russia is one of the biggest countries is Asia.