Factors of production and opportunity cost Flashcards
1
Q
What are the role of economist?
A
- What G+S to produce
- How best to produce G+S
- Who to receive it
2
Q
List me 4 factors of production
A
- Land
- Labour
- Capital
- Enterprise
3
Q
Land
A
Natural physical resources
4
Q
Labour
A
any people involve in the production process
5
Q
Capital
A
produced means of production
6
Q
Enterprise
A
Bring the 3 together to seek reward
7
Q
What is opportunity cost?
A
next best alternative foregone
