Land: the geographic territory and natural resources of a nation
Labor: people who produce goods and services
Capital: not only money but also the machinery, tools and buildings used to produce other goods and services
Technology: application of knowledge to production
Freedom of Choice
Natural Monopolies:one large company can provide less expensive services than many small ones; one company owns all or most of the raw materials used to make a product; when a company or inventor has a patent; a company is well est.