4 Factors Of Production Flashcards
(5 cards)
1
Q
What are the 4 factors of production?
A
- The entrepreneur
- The capital/capital goods
- The natural resources
- The labour
2
Q
What is an entrepreneur?
A
An entrepreneur is a person who comes up with the big idea in a business.
3
Q
What is capital?
A
Capital is the money or equipment that the business needs to continue.
4
Q
What are natural resources?
A
Natural resources are the pieces of land and property that the business needs to continue.
5
Q
What is labour?
A
Labour is the work force that the business needs to employ in order to continue.
