Factors of Production Flashcards
Define “Entrepreneur”
an individual who seeks out new business opportunities and is willing to take risks.
-Define “Land”
A factor of Production; Natural resources in an economy
Define “Labour”
a factor of production; human resources available in an economy
Define “low-income countries”:
Economies where the GDP per head was 1025 or less in 2018
Define “Capital”
a factor of production; a physical resource made by humans that aids the production of goods and services
Define “Enterprise”
As a factor of production, enterprise involves organising production and taking risks.
Define “Specialization”
the process by which individuals, firms and governments concentrate on producing those goods and services where they have an advantage over others.
Define “division of labour”
where a manufacturing process is split into a sequence of individual task
What are high-income countries
economies where income per head was $12,376 or more in 2018
