The factors of production Flashcards
1
Q
What is production?
A
Production takes place of satisfy the people at once, and needs it through the making of goods and services
2
Q
What is consumption?
A
The usage of goods and services to satisfy the human wants and needs
3
Q
Name the four factors of production
A
Capital enterprise land, and labor
4
Q
What are commodities?
A
Goods and services
5
Q
Name, and explain the two categorizations of goods
A
Consumer goods which are goods that consumers buy
Capital goods which are goods that are not baught for their own sake, but our baught to assist firms for production
6
Q
What are the two main types of services?
A
Personal or direct services and commercial or indirect services
