Production Flashcards

1
Q

What are the four factors of production

A

The four factors of production are land labour capital and enterprise

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2
Q

What is meant by land

A

The natural resources used to provide a product or provide a service such as water, a plot of land, fields, fish, or coal

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3
Q

What is meant by labour

A

The workforces used to provide a product or services such as builder teachers or plumbers

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4
Q

What is meant by capital

A

The man made resources used to provide a product or provide a service such as machinery tools money or delivery trucks

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5
Q

What is meant by enterprise

A

The idea of the owner has to create the business. How the land labour and capital is used to make a good or provide a service

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