Production Flashcards
1
Q
What are the four factors of production
A
The four factors of production are land labour capital and enterprise
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
3
Q
What is meant by labour
A
The workforces used to provide a product or services such as builder teachers or plumbers
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
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
