Lesson 2- The basic economic problem Flashcards
1
Q
What are the 4 factors of production?
A
Land
Labour
Capital
Enterprise
2
Q
Define the factor land
A
Natural resources needed to provide things
3
Q
Define the factor enterprise
A
Entrepreneurs organise factors and take the risk to start firms
4
Q
Define the factor labour
A
Workforce with the necessary skills
5
Q
Define the factor Capital
A
Tools, machinery, factories, national infrastructure needed to produce goods
6
Q
Name 3 sources which are classed as scarce
A
.Water
.Food
.Jobs
.Livestock
.Land
.Medical supplies
.Housing
7
Q
How many people has the drought in Africa effected?
A
8.8 million people
