Factors of production

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5 Terms

1
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Limited resources are known as

Factors of production

2
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Land

Physical land and resources extracted

Examples Free gifts of nature: raw materials, the environment, the sea

Factor reward: Rent

3
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Labour

A nations workforce

Examples: The human resource: Office workers, factory workers, doctors 

Factor reward: Wages 

4
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Capital 

Buildings, infrastructure and machinery 

Examples: Man made resources: Buildings, machines, lorries, computers

Factor reward: Interest 

5
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Enterprise

Entrepreneurial skills in society

Examples: Owners of a business: Take risks, organise production, make decisions

Factor reward: Profit