Factors of production Flashcards by danielle desmarais | Brainscape

Q

What are the factors of production?

A

Land, Labour, Capital, Enterprise

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Q

Land

A

natural resources available for production

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Q

Labor

A

The human input into the production process

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Q

Enterprise

A

Entrepreneurs organize the factors of production

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Q

Capital

A

Goods used in the supply of other products

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Q

How the quantity of land can be increased?

A

Increase the price of land
Discovery of fossil fuels
having more plants
using recycled crops to fertilize land

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Q

How the quantity of labour can be increased?

A

Increase in wage
Increasing population
improvement of healthcare facilities

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Q

How the quantity of capital can be increased?

A

decrease in interest

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Q

How the quantity of enterprise can be increased?

A

an increase in price
increase of available jobs

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