1.1.3 Economic resources Flashcards
1
Q
The four factors of production
A
- Capital
- Enterprise
- Land
- Labour
2
Q
Capital
A
man-made physical equipment used to make other goods and services e.g. machinery and computer equiment
3
Q
Enterprise
A
entreprenuers = individuals who take a business risk in combining the other three factors in order to produce a good or service.
4
Q
Land
A
All naturally occouring resources.
5
Q
Labour
A
People involved in production, aka human capital
6
Q
A
