3.1.1.2 Factors of Production Flashcards by Unknown Unknown | Brainscape

Q

What are the factors of production?

A

Land - Natural resources such as agriculture, fishing, forestry, oils,
Labour - The skills available and characteristics of the workforce,
Capital - Investment in man-made aids to production such as factories and machinery,
Enterprise - The risk undertaken by an entrepreneur in transforming the other factors of production into output in order to gain a reward, normally profit.

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Q

What is the factors of production also known as?

A

Factor Inputs

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Q

What are Factor Outputs?

A

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