UB - Factors of Production

Question 1

Name and Describe the 4 Factors of Production

Answer 1

1. Capital - Man-made resources business uses to provide goods or services
2. Enterprise - Entrepreneur combines all factors of production to create a new idea that provides either goods or services
3. Land - Natural resources businesses use to produce their goods and services
4. Labour - Work force hired to produce the goods or provide the services

CELL

Question 2

What is Wealth Creation?

Answer 2

When value is added at each stage of production

example: total value of a dress more than raw materials used to produce it.