factors of production

• What are the four factors of production

Land labour capital and enterprise

• What does land include besides actual territory

All the Earth's natural resources like oil water and animals

• What is the definition of labour

The work done by the people who contribute to the production process

• What factors can make some people more productive in the workplace than others

Education experience or training

• What is capital

The equipment factories and schools that help to produce goods or services

• Why is capital different from land

Capital has to be made first

• What does enterprise refer to in production

The people who take risks and create things from the other three factors of production

• How are individuals and firms rewarded for providing factors of production

Wages rent interest or profit

• What is the definition of opportunity cost

The benefit that's given up in order to do something else

• In more formal terms what is opportunity cost the value of

The value of the next best alternative that's been given up