Factors Of Production

Question 1

Land

Answer 1

All raw materials and natural resources, physical land or extractable natural resources, for example, coal oil and yes.

Question 2

Capital

Answer 2

Money/investment man-made tools that help production, for example, equipment and machinery.

Question 3

Labour

Answer 3

People who work in the business workers who contribute to the production of good conservatives, the skills of peothe, mental and physical labour of a worker.

Question 4

Enterprise

Answer 4

Bringing together the factors of production. In order to produce a good or service. entrepreneurs take risks in order to make a profit.

Question 5

Scarcity

Answer 5

Not enough goods and services to meet the need and wants of a population, the gap between limited resources and unlimited resources.

Question 6

Scarcity

Answer 6

Unlimited wants+limited resources =scarcity

Question 7

Opportunity cost

Answer 7

Give us the option to choose one or the other. The loss of other alternatives when one alternative is chosen. E.g. Not going to the movies to take a test.Opportunity cost is enjoying the movie

Question 8

Specialisation

Answer 8

Being good at all, having a very comprehensive understanding of a specific area.For example, Different doctors for different areas