factors of production Flashcards
1
Q
what are factors of production
A
economic resources including land labour capital and entrepreneurship (enterprise) , used to produce goods and services
2
Q
land
A
natural resources, physical space where production occurs
3
Q
labour
A
human effort and skill applied to production process
4
Q
capital
A
tools, machinery , financial resources used in production
5
Q
entrepreneurship
A
encompasses innovation , organisation and risk taking that drives production process
6
Q
A
