5. Factors of production Flashcards
What are the factors of production?
Capital enterprise land labour
CELL
What is the definition of working capital?
Stocks of finished goods waiting to be sold
What is the definition of fixed capital?
Factories converts working capital into goods and services
What is enterprise?
The person who comes up with the business who runs the business business owners
What is land?
The venue of the business which may have natural resources such as coal
What is labour?
Manual workers who work with the business
What is a renewable resource?
Can be reused made again in a period of time e.g. trees
What is a nonrenewable resource?
Can’t be reused made again for hundreds of years e.g. diamonds
What is human capital and how can it be increased?
What skills people have and they can get extra training with college apprenticeships and degrees
What is meant by the term productivity and how is it linked to training?
How much work is produced the more training the more efficient they are
What is an entrepreneur?
The person who made the business and who had the idea and owns the business
