factors of production Flashcards
(9 cards)
1
Q
what are the factors of production
A
captial, enterprise, land, labour
2
Q
what does the factor of production “land” mean
A
the natural resources
3
Q
what does the factor of production “enterprise” mean
A
the individual who runs the business
4
Q
what does the factor of production “capital” mean
A
capital goods are used to produce other goods n
5
Q
what does the factor of production “labour” mean
A
the human workforce that is employed
6
Q
what is the reward for land
A
rent
7
Q
what is the reward for enterprise
A
profit
7
Q
what is the reward for labour
A
wages
8
Q
what is the reward for capital
A
interest
