3.1.1.3 economic resources

Question 1

what are the 4 factors of production

Answer 1

-capital
-enterprise
-labour
-land

Question 2

what is land

Answer 2

all resources made on earth

Question 3

what is capital

Answer 3

man made goods, anything used to speed up the process of production

Question 4

what is labour

Answer 4

the work done by people

Question 5

what is enterprise

Answer 5

individuals who take risks and combine the other 3 factors to produce goods

Question 6

what is an example of land

Answer 6

oil , land and sea environment

Question 7

what is an example of capital

Answer 7

machinery, computers

Question 8

what is an example of labour

Answer 8

factory worker,farmer

Question 9

what is an example of enterprise

Answer 9

jeff bezos, james dyson

Question 10

what do people producing goods paid in

Answer 10

wages and salaries

Question 11

what is a problem with land

Answer 11

there is scarce resources meaning it will eventuall run out

Question 12

what is a renewable resource

Answer 12

resources which continue to replenish or exist even after consumption

Question 13

what is a non-renewable resource

Answer 13

resources which cannot be replaced after consumption

Question 14

example of a renewable resource

Answer 14

wind, solar energy, geothermal

Question 15

example of a non-renewable resource

Answer 15

coal, oil, natural gas

Question 16

is air a scarce resource

Answer 16

air in its self isnt a scarce resource but clean air is, air can become polluted

Question 17

what is a capital good

Answer 17

a good which is used in the production of another good

Question 18

what is an economic resource

Answer 18

things that can be used to produces goods and services needed to meet consumer needs and wants