What are factors of production?
The resources used by firms to produce goods and services
What are the factors of production?
Land
Labour
Capital
Enterprise
What is the reward for land?
Rent
What is the reward for labour?
Wages
What is the reward for capital?
Interest
What is the reward of enterprise?
Profit
What is capital as a factor of production?
the man-made aids that are used in the production process e.g.
-Equipment – machinery and tools
-Premises - factories and offices
What is land as a factor of production?
Land encompasses all of the natural resources that come from the earth that are used in the production of goods or services
What is labour as a factor of production?
All of the workforce in an economy