Economic Resorces Factor Of Production Flashcards
1
Q
What does CELL stand for
A
C - Capital
E - Enterprise
L - Land
L - Labour
2
Q
What is Land
A
Stock of natural factor resources available for production
3
Q
What is Capital (2 definitions)
A
Fixed capital - machinery and equipment
Working capital - stock of finished goods and semi-finished products
4
Q
What is labour
A
Human input into production
5
Q
What is Enterprise
A
An entrepreneur who takes risks to combine the three factors to create a product
