Factors of Production

Question 1

What is Capital?

Answer 1

The equipment used within a business to make the products or provide the service

Question 2

What is labour

Answer 2

This is employees needed by the business and the skills and qualifications they have.

Question 3

What is land

Answer 3

This is the physical land where the business is located and also the natural resources that a business might need

Question 4

what is enterprise?

Answer 4

The skills of the people involved in the business to identify business opportunities and bring together resources to meet these opportunities

Question 5

what are the factors of production?

Answer 5

land, capital, labour, enterprise

Question 6

give 3 examples of land

Answer 6

metal, wood, coal, crops, fish (also includes physical land of location site)

Question 7

give 3 examples of capital

Answer 7

transport lorries, hammers, drills, cranes, computers, printers

Question 8

give 3 examples of labour

Answer 8

employees, transport drivers, suppliers

Question 9

what is an example of enterprise?

Answer 9

the business owner/ managers or skills like design or finance etc