1:2 Business Resources

Question 1

What is meant be land?

Answer 1

• Land in which to place the business premises, houses, roads and farms.
• Land can be used to grow things or to extract natural resources, e.g.:
  Oil, gas, fish, trees, water

Question 2

What is meant by labour?

Answer 2

• Human resources in the business
• Workers who are employed to manufacture the product or provide the service
• Supplies of labour are limited

Question 2

What is meant by labour?

Answer 2

• Human resources in the business
• Workers who are employed to manufacture the product or provide the service
• Supplies of labour are limited

Question 3

What is meant by capital?

Answer 3

• The wealth or money in the business
• Money invested by the owner and possible investors
• Include capital items/fixed asset: land, buildings, machinery

Question 4

What is meant by enterprise?

Answer 4

• Person with the skills and ideas to bring other factors together and oragnise them.
• Role of the Entrepreneur to organise capital, land and labour in the correct proportions to run the business.