4.1 - 1.3 Economic resources

Question 1

Classification of economic resources

Answer 1

Four factors of production that make up all of the worlds resources.

Question 2

Capital

Answer 2

These are man made aids to production allowing a quicker and greater production of goods and services to take place. (e.g - factories, tractors, hospitals, schools …)

Question 3

Enterprise

Answer 3

Entrepreneurs take risks and are innovative. They use the other three factors of production to make their goods and services.

Question 4

Labour

Answer 4

These are human resources, workers that can produce goods and services. Human capital - those with more education and training have a greater amount of human capital and are more valuable.

Question 5

Land

Answer 5

These are non - renewable resources and renewable resources. The extraction of raw materials.

Question 6

Resource allocation

Question 7

Economic growth