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GCSE AQA Economics > 3.1.1.2 Factors of Production > Flashcards

3.1.1.2 Factors of Production Flashcards

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1
Q

What are the factors of production?

A
  1. Land - Natural resources such as agriculture, fishing, forestry, oils,
  2. Labour - The skills available and characteristics of the workforce,
  3. Capital - Investment in man-made aids to production such as factories and machinery,
  4. Enterprise - The risk undertaken by an entrepreneur in transforming the other factors of production into output in order to gain a reward, normally profit.
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2
Q

What is the factors of production also known as?

A

Factor Inputs

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3
Q

What are Factor Outputs?

A
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GCSE AQA Economics (2 decks)

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