N5S3 - Factors of Production

Question 1

What is Capital?

Answer 1

Capital is the man-made resources used to produce a good or provide a service such as machinery or money

Question 2

Name the Factors of Production

Answer 2

Capital
Enterprise
Labour
Land

CELL

Question 3

What is Enterprise?

Answer 3

Enterprise is the idea the owner had to create the business. It is how the land, labour and capital is used to produce a good or provide a service

Question 4

Explain what the Factors of Production is

Answer 4

The Factors of Production are the resources that a business will need to combine to be able to provide goods or services

Question 5

What is Land?

Answer 5

Land is the natural resources used to produce a good or provide service such as water, a plot of land or fields

Question 6

What is Wealth Creation?

Answer 6

Wealth Creation is the additonal wealth that is added at each stage of the production process.

Question 7

Give an example of Wealth Creation

Answer 7

The total value of a dress is worth more than the raw materials used to produce it.

Question 8

What is Labour?

Answer 8

Labour is the workforce used to produce a good or provide a service such as builders or teachers