Factors of Production + returns

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8 Terms

1
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Land

Natural resources used to produce goods and services.

2
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Labour

Human resources used to produce goods and services.

3
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Capital

Man-made aids to speed up production. (e.g. machines / computers)

4
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Enterprise / Entrepreneurship

The willingness to take risks to obtain and organise the other factors of production.

5
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Return for Land

Rent

6
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Return for Labour

Wage

7
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Return for Capital

Interest

8
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Return for Enterprise

Profit