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Economics Unit 1 > Factors Of Production > Flashcards

Factors Of Production Flashcards

1
Q

What is meant by land?

A

Any resource taken from the world

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2
Q

What are the rewards from land?

A

Rent

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3
Q

Give examples of land

A

Mining (for coal)
Oil
Land (space)
Fish

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4
Q

What are the 4 factors of production?

A

Land
Labour
Capital
Enterprise

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5
Q

What is meant by labour?

A

The numbers of potential workforce and skills and abilities that they have

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6
Q

What are the rewards from labour?

A

Wages

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7
Q

What is meant by capital?

A

A stock of goods to make other goods and services

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8
Q

What are the rewards from capital?

A

Interest

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9
Q

Give examples of capital

A

Tools
Machines
Infrastructure (roads/rails)

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10
Q

What is meant by enterprise?

A

The risk taking ability to bring the other factors of production to work together

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11
Q

What are the rewards for enterprise?

A

Profits

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12
Q

Give examples for the growth of labour

A

Population growth
Migration
Ageing
Training programmes

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Economics Unit 1 (9 decks)

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