4.1.1.3 Economic Resources
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8 Terms
What are the factors of production?
Land, Labour, Capital and Enterprise
What are the rewards for each F of P
Land - rent. Labour - wages. Enterprise - profit. Capital - interest from investments
What is land
Naturally occurring resources that are available
What is labour
A commodity supplied by labourers
What is enterprise
The factor that takes all F of P to produce goods/services and take risks to do so
What is capital
Produced goods that are used as productive inputs to further production
How is the environment a scarce resource?
1. Limited natural resources 2. Ecosystem Services 3. Biodiversity 4. Climate change 5. Environmental Degradation 6. Externalities
What determines labour/ human capital?
Experience, health, education