Factors of production Flashcards
1
Q
What are the factors of production (Hint: CELL)
A
Capital
Enterprise
Land
Labour
2
Q
What is capital?
A
Investments in man-made aids to production such as factories and machinery (can also be money)
3
Q
What is enterprise?
A
the risk undertaken by an entrepreneur
4
Q
what is land?
A
natural resources
5
Q
What is labour?
A
the employees or workforce
6
Q
What is the reward for capital?
A
Interest
7
Q
What is the reward for enterprise?
A
Profit
8
Q
What is the reward for land?
A
Rent
9
Q
What is the reward for labour?
A
Wages
