factors of production.

Question 2

What are the factors of production?

Answer 2

The factors of production are general terms for the resources firms need to produce goods and services, including land, capital, labour, and enterprise.

Question 3

What is land in the context of factors of production?

Answer 3

Land refers to natural resources, such as oil, wood, fish, and water.

Question 4

Give examples of land as a factor of production.

Answer 4

• Oil
• Wood
• Fish
• Water

Question 5

What is labour in the context of factors of production?

Answer 5

Labour refers to human resources; a human doing a job.

Question 6

Provide examples of labour.

Answer 6

• Teachers
• Bus drivers

Question 7

What is capital in the context of factors of production?

Answer 7

Capital refers to human-made resources, including buildings, machinery, and laptops.

Question 8

What is human capital?

Answer 8

Human capital is when a human has been invested in, such as through education and training.

Question 9

What is enterprise in the context of factors of production?

Answer 9

Enterprise is the use of the other factors of production to make profits.

Question 10

Who is an entrepreneur?

Answer 10

An entrepreneur is someone who takes risks and employs land, capital, and labour to make goods and services to generate profits.

Question 11

Fill in the blank: The factors of production include land, capital, labour, and _______.

Answer 11

[enterprise]