1.1 Factors of production Flashcards
(7 cards)
1
Q
Name the factors of production
A
- Land
- Labour
- Capital
- Enterprise
2
Q
Land
A
Natural resources used to provide a good or service
3
Q
Labour
A
The workforce used to produce a product or provide a service
4
Q
Capital
A
Money, but also the man made resources used to produce a product or provide a service
5
Q
Enterprise
A
Ideas and organisation behind the other factors
6
Q
Example of labour
A
A teacher
7
Q
Opportunity cost
A
The benefit lost from the next best alternative when a decision is made
