Studied by 29 people
Looks like no one added any tags here yet for you.
Factors of production
The basic elements necessary for creating a business and producing goods and services.
Natural Resources
Materials sourced from nature, essential for various business operations.
Labour
Individuals contributing their efforts to a business, crucial for its functioning.
Capital
Money, machinery, and technology vital for business operations and production.
Entrepreneurship
The willingness to take risks and initiative to create and manage a business venture.
Resource Intensive
Businesses heavily reliant on natural resources for their operations.
Labour Intensive
Businesses requiring a significant workforce for their operations.
Capital Intensive
Businesses heavily reliant on capital or advanced technology for production.
Enterprise
A project or endeavor demanding energy and effort, with uncertain outcomes.
Factor Substitution
Replacing one factor of production with another to enhance efficiency or reduce costs.
Industrial Revolution
Historical period marked by significant inventions transforming industries in the 18th and 19th centuries.
Factory System
Concentration of work in large buildings designed for production purposes.
Agricultural Revolution
Historical period marked by agricultural discoveries leading to societal changes.
Capitalists
Individuals who own capital used as a factor of production.
Information Revolution
Historical period characterized by advancements in computing and information technology, impacting businesses and society.
Fifth Factor of Production
The concept of information being considered a crucial factor for business success and societal impact.
