Factors of production

Question 1

Capital is _______ resources and used in ________.
Give examples

Answer 1

Capital is human made resources
- used in the production of goods and services
Example - lorry, factory, machine

Question 2

What is the REWARD/ RETURNS for CAPITAL

Answer 2

1. Interest payments/ Dividend
2. Rental to use capital goods eg machine

Question 3

To increase quantity of capital
Example increase more machines and lorries

Answer 3

1. Technology advancement
2. Increase R&D research and development

Question 4

To increase good quality of capital, how???
Example: increase good quality of machine

Answer 4

1. Maintenance
2. R&D ( to improve speed, accuracy and efficiency)

Question 5

READY FOR THE NEXT ONE ENTERPRISE???

Question 6

What is enterprise??
C________ resources

Answer 6

• company resources
• entrepreneurs has the ability to organize production in a company

Question 7

Enterprise’s rewards/returns = Earn _________

Answer 7

Earn PROFIT $$$$

Question 8

( ↑↑ Quality of Enterprise)

Answer 8

• training and education
• provide support and advice for new entrepreneurs and new companies

Question 9

To increase more people open an enterprise in the economy ( ↑↑ Quantity Enterprise)

Answer 9

• training and education
• company can loan easily to start a company
• increase ability to make profit
• increase price of goods and services

Question 10

READY FOR LAND ???

Question 11

What is LAND in economics?
________ resource
Give some examples

Answer 11

Natural resource
Example: sun, land, trees, air, water

Question 12

If I want to use somebody’s land what do I need to pay to use it?

Answer 12

RENTAL pay to landowners

Question 13

How to increase more quantity of land (natural resources)

Answer 13

• discover new resources
• recycle, reuse, reduce resources use
• plant more trees
• use previous unused resources eg solar energy, wind energy