4.1.1.3 Economic Resources

Question 1

What are the four factors of production?

Answer 1

Land
Labour
Enterprise
Capital

Question 2

Land

Answer 2

Naturally occurring resources

Question 3

Labour

Answer 3

The workforce of the economy

Question 4

Capital

Answer 4

The manufactured stock of resources used in the production of goods and services.

Question 5

Enterprise

Answer 5

The seeking out of profitable opportunities

Question 6

Sustainable resources

Answer 6

Used economically such that they will not diminish or run out.

Question 7

Non-sustainable resources

Answer 7

Diminishing overtime due to economic exploitation.

Question 8

Human capital

Answer 8

The unique set of characteristics that make up a workers value. It can be enhanced by eduction and training.

Question 9

Rewards for the factors of production

Answer 9

Land - Rent
Labour - Wages
Capital - Interest
Enterprise - Profit

Question 10

Examples of sustainable resources

Answer 10

Wind 
Solar
Geothermal
Hydroelectric
Wave
Tidal

Question 11

The Environment

Answer 11

Considered to be a scarce resource because many resources that we use are considered to be non-renewable
We need to use these resources in a sustainable manner