THE ECONOMIC PROBLEM Flashcards
1
Q
FOUR FACTORS OF PRODUCTION
A
➢LAND
➢LABOUR
➢CAPITAL
➢ENTERPRISE
2
Q
LAND
A
Includes all the natural resources in and on it
3
Q
LABOUR
A
The work done by people
4
Q
CAPITAL
A
Equipment used in producing goods and services
5
Q
ENTERPRISE
A
Willingness to take risk to make profit
6
Q
THE BASIC ECONOMIC PROBLEM
A
Satisfying infinite desires using limited resources
7
Q
ECONOMIC AGENTS
A
➢PRODUCERS
➢CONSUMERS
➢GOVERNMENTS
