Factors of production

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14 Terms

1
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What are the 4 factors of production

  • land

  • Labour

  • Capital

  • Enterprise

2
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Define land

any resource taken from the planet

3
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Define labour

The work done by individuals in production

4
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Define capital

Anything used but not used up in production

5
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Define enterprise

The organisation of the the other factors of production

6
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How is land paid for

Rent

7
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How is labour paid for

Wages

8
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How is capital paid for

Intrest

9
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How is enterprise paid for

Profit

10
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Give an example of land

Oil, metal

11
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Give an example of labour

Factory workers

12
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Give an example of capital

Properties, digital software

13
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Give an example of enterprise

Government

14
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Define what an opportunity cost is

The next best alternative forgone