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Economics: Chapter 1 - Economic Methodology and the Economic Problem > Economic resources: > Flashcards

Economic resources: Flashcards

1
Q

Factors of production?

A

Inputs into the production process.

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2
Q

What are the four factors of production?

A

Land, Labour, Capital and Enterprise

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3
Q

How many factors of production are there?

A

4

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4
Q

Capital?

A

Man-made physical equipment used to make other goods

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5
Q

Enterprise?

A

Individuals who take a business risk in combining the other three factors of production

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6
Q

Land?

A

All naturally occurring resources

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7
Q

Labour?

A

People involved in the production

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Economics: Chapter 1 - Economic Methodology and the Economic Problem (5 decks)

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