Economic Resources Flashcards
1
Q
What are the 4 factors of production?
A
Land, Labour, Capital and enterprise
2
Q
What is each reward that comes from each economic resource?
A
Land: Rent
Labour: Wages
Capital: Interest
Enterprise: Profit
3
Q
The value of a worker is called its _______
A
The value of a worker is called its human capital.
4
Q
How can human capital be increased
A
Education and training
5
Q
What does capital refer to in terms of production?
A
It refers to the man-made aids that are used in the production process e.g. machinery, tools, factories and offices.
