4.1.1.3 Economic Resources
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/7
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
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
Note 
Flashcards (75)