Factors of Production

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6 Terms

1
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LAND

refers to all the natural resources e.g. Land, minerals, oil, Rivers

2
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LABOR

The quantity of people available for work e.g. Hairdressers, Doctors, Teachers

3
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CAPITAL

anything man-made for the purpose of further production e.g. tools, machines, factories, buildings/premises, delivery vehicles

4
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ENTERPRISE

The effective use of land, labor and capital to create a demanded product or service by taking a risk and being enterprising

5
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Human Capital

The fact that each individual has a diff level of skills, qualifications, and qualities (NOUN)

6
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Capital Intensive

increases in the level of capital (ADJ.)