Factors of Production Flashcards
1
Q
What does land do/mean?
A
Land means the natural resources that the business uses
Eg : Coal, Forests, Water
2
Q
What does Capital mean?
A
Capital mean the tools, equipment and machinery the business uses
Eg : tractors, factories
3
Q
What does enterprise mean?
A
The business ideas that the entrepreneur/owners have about how to make use of the land labour and capital
4
Q
What does labour mean?
A
The workforce of the business
Eg : Electrcians, plumbers
5
Q
Name the factors of production
A
Land
Labours
Capital
Enterprise
