FACTORS OF PRODUCTION Flashcards
(4 cards)
1
Q
land
A
this refers to natural resources and includes not only the surface of the earth but all natural resources discovered within it
2
Q
Labour
A
this refers to human resources (employees who work for a business)
3
Q
Capital
A
this refers to human-made resources (eg buildings, machinery, and equipment used)
4
Q
enterprise
A
tis is the art of bringing together other actors of production in order to produce goods and services. the enterprenuer is the risk taker
