4 Factors Of Production Flashcards
(5 cards)
1
Q
What are Capital Goods?
A
Money/equipment to set up and run a business.
2
Q
What can Capital money be used to buy?
A
Land, natural resources, or raw materials.
3
Q
What do the following factors of production get rewarded/payed?
a) Entrepreneur
b) Capital
c) Natural resources (land)
d) Labour
A
a) Profit
b) Interest
c) rent
d) wages
4
Q
Give an example of capital.
A
Money, a factory, or a shop.
5
Q
Give an example of what an entrepreneur is.
A
The entrepreneur is normally the creator or co-creator of the business.
