chapter 2- FOPs Flashcards
1
Q
definition of factors of production
A
FOPs refer to the resources required to produce a good or service, namely land, labor, capital and enterprise
2
Q
definition of geographical mobility
A
refers to the extent to which labour is willing and able to move to different locations for employment
3
Q
occupational mobility
A
refers to the extent to which labour is able to move between jobs. retraining and upskilling helps workers to improve occupational mobility.
4
Q
the return on the four factors of production
A
land- rent
labour- wages and salaries
capital- interest
enterprise- profit
collectively known as income
5
Q
when does the quantity and quality of factors of production change
A
when there is a change in demand or supply of FOPs
