Production Flashcards
1
Q
Capital
A
Includes all capital i.e. money and fixed assets that are used when goods / services are produced.
2
Q
Entrepreneurship
A
Opportunities identified to combine the resources of land, capital, information technology and labour to produce goods / services.
3
Q
Information Technology
A
Information technology refers to the use of technology to satisfy customer needs. This could be the use of new machines, online shops, online banking, etc.
4
Q
Land / Raw Materials
A
All the natural resources that are used in the production of goods / services.
5
Q
Labour (Human Capital)
A
Skills, knowledge and experience.
