Factors of Production Flashcards
1
Q
What are the factors of production?
A
Capital, Enterprise, Land and Labour.
2
Q
What is Capital?
A
Means the tools and machinery a business owns or controls. Also the money the owner invested in the business.
3
Q
Give at least two examples of Capital?
A
Money, Buildings, Equipment and Machinery.
4
Q
What is Enterprise?
A
Is the business idea that the entrepreneur had and bringing the other three factors together.
