Business Resources Flashcards
1
Q
What are the 4 key resources of a business empire
A
Land, labour, capital and eneterprise (CLEL)
2
Q
What is land
A
Land includes all natural resources which are used for the production of goods and services
3
Q
Examples of land
A
Farmland for growing crops, car parking, space to grow business
4
Q
What is labour
A
The Human Resources and any human input involved in the production of a good and service
5
Q
Examples of labour
A
Workers
6
Q
What is capital
A
What is used to produce goods and services
7
Q
Examples of capital
A
Money, machinery, tools and buildings
8
Q
What is enterprise
A
Refers to the act of bringing together all the factors of production in order to create goods or services. And they organize the other 3 factors in production
9
Q
Examples of enterprise
A
Risk taking
