1.1.3 Economic resources Flashcards
1
Q
what is labour?
A
labour refers to all the workforce in the economy
2
Q
what is land?
A
land includes all the natural resources used in the production of goods and services
3
Q
what is capital?
A
capital refers to the man made aids used in the production of goods and services
4
Q
what is enterprise?
A
the enterprise takes into account all the factors of production to make a product or service
