1.1.3 Economic Resources Flashcards
1
Q
What are the 4 factors of production?
A
- Capital
- Enterprise
- Land
- Labour
2
Q
What is land?
A
Land is the finite and non-finite resources found on the planet e.g. animals, water, natural materials.
3
Q
What is labour?
A
People who help to produce a good or service.
4
Q
What is capital?
A
The equipment used to generate goods and services within the production process.
5
Q
What is enterprise?
A
The entrepreneurial actions that individuals can take to try and make a profit.
