Economic resources Flashcards
what are economic resources
they are the factors of production.
what are the 4 factors of production
Capital, Enterprise, Land and Labour
what is capital
goods which can
be used in the production
process
what is enterprise
The
entrepreneur is someone
who takes risks,
innovates, and uses the
factors of production.
what is land
Natural resources such as
oil, coal, wheat, water. It
can also be the physical
space for fixed capital.
what is labour
Human capital, which is
the workforce of the
economy.
what is the reward for capital
interest from the investment
what is the reward for enterprise
profit-and incentive to take risks
what is the reward for land
rent
what is the reward for labour
wages
what is a renewable resource
Renewable resources can be replenished, so the stock level of the resources can be
maintained over a period of time.
what is a non-renewable resource
Non-renewable resources cannot be renewed.
