Lesson 4 - Economic Resources Flashcards
1
Q
What are the 4 factors of production/economic resources?
A
Land - all natural resources
Labour - all human resources
Capital - man-made goods used to make other goods
Enterprise - risk takers innovate goods and services
2
Q
Name and explain the 2 types of labour mobility
A
Geographical - ability to change work location
Occupational - ability to change careers easily
3
Q
What is the labour supply affected by?
A
- immigration
- birth rates
- retirement age
4
Q
What is labour quality affected by?
A
training and education
5
Q
what are the 4 industry sectors?
A
primary - extraction
secondary - manufacturing
tertiary - services
quaternary - information services (e.g IT)
6
Q
what is productivity?
A
product per unit of output
