4 factors of production

Question 1

What are the 4 factors of production called

Answer 1

Labour/ Land/ capital/ enterprise

Question 2

Land focuses on ———-

Answer 2

The natural resources that a business will use to provide a good or a service

Question 3

Labour focuses on————-

Answer 3

The workforce used to create a product or provide a service

Question 4

Capital focuses on—————

Answer 4

The man made products used to create a product or provide a service

Question 5

Enterprise focuses on————-

Answer 5

The idea the owner had to create the business. How the land, labour and capital is used to make a good or provide a service

Question 6

Examples of Land?

Answer 6

Water/ coal/fish

Question 7

Examples of labour

Answer 7

Plumbers or teachers

Question 8

Examples of capital

Answer 8

Machinery, Money or delivery trucks

Question 9

What is an entrepreneur

Answer 9

a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Question 10

Examples of entrepreneurs

Answer 10

Bill Gates, Steve Jobs and Mark Zuckerberg