Immobile factors of production Flashcards
(7 cards)
1
Q
What is an immobile factor of production?
A
A factor of production that can’t easily be moved to another part of the economy.
2
Q
What is an immobile factor of production?
A
Land
3
Q
How can factors be immobile?
A
Size
Human Choice
4
Q
What are types of factors that cause labour immobility?
A
Geographical immobility
Occupational Immobility
5
Q
What are the reasons for Geographical immobility?
A
Large house price
Reluctance of leaving family and friends
Imperfect information
6
Q
What are the reasons for Occupational immobility?
A
Lack of training
Lack of qualifications
Lack of experience
7
Q
How can immobile factors of production lead to market failure?
A
Inefficient use of resources
