Factors Of Production Flashcards
1
Q
What is land
A
The natural resources used in production
2
Q
What is labour
A
The Human Resources used in production
3
Q
What is physical capital
A
The manufactured resources used in the production process
4
Q
What is enterprise
A
The combination and management of the other three factors of production
5
Q
What is human capital
A
The skill required in the production process
