Economics good (factors of production) Chapter 2 Flashcards
1
Q
What are the factors of production
A
Land,labour,capital,enterprise
2
Q
What are the geographical mobility
A
family ties,cost of living
3
Q
what is occupational mobility
A
person is able to change between jobs depending on cost and training required
4
Q
what are the causes of change in the quantity and quality of factors of production
A
higher labour cost(caused by an increased of minimum wage)
government policies(lower income taxes=more labour wanna work)
new technologies=decrease in salaries
new migration of labour=quantity of labour increased
Improvement in education=workers becomes more valuable
unfavourable weather=decrease supply(farmers)
