Factors of production Flashcards
1
Q
What are the three factors of production?
A
Land, capital, and labour.
2
Q
What is land?
A
A natural resource derived from the land that is used in the process of production of goods
3
Q
What is capital?
A
The resources, equipment, that are used to produce other goods.
4
Q
What is labour?
A
How much goods the workforce can produce.
5
Q
Ex. Land
A
Olil.
6
Q
Ex. Capital
A
Factory.
7
Q
Ex. Labour
A
University teacher.
