Resources

Question 1

Land

Answer 1

Land resources refers to any form of production that uses any natural resources or comes from the land.
For example water, oil, gas, coal and forests.

Question 2

Labour

Answer 2

Labour refers to the effort/work done by people to contribute to the production of goods and services.

For example factory workers, farmers, train drivers, waiters, teachers.

Essentially, if you are paid for it you have contributed to labour towards the production of goods and services.

Question 3

Capital

Answer 3

Capital is the machines, toes and buildings used by people to produce goods and services.

For example a pencil, hummus, forklift, tractors, computers, delivery vans.

Question 4

Enterprise (entrepreneurship)

Answer 4

Enterprise is a person that combines the other factors of production (resources) together to produce goods and services for a profit.

For example Bill Gates, Steve Jobs and Janine Allies.