Factors Of Production Flashcards
1
Q
Factors of Production
A
The Resources the Economy has at its disposal
2
Q
Capital
A
Machinery, Equipment, Money and Infrastructure
3
Q
Entrepreneurship
A
Willingness to take risks to set up and run a business. This increases variety of businesses in the economy and encourages innovation
4
Q
Labour
A
People suppling their time to work and join the Labour Force
5
Q
Land
A
Raw Materials (anything that can be grown, mined or farmed (includes the sea and fishing))
6
Q
Acronym for the 4 factors of production
A
CELL
