3.1.1.2 The nature and purpose of economic activity + 3.1.1.3 Economic resources
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10 Terms
What is the basic economic problem?
how can scarce resources be used to satisfy infinite wants and needs effectively
What are the four factors of production?
land
labour
capital
enterprise
What is land and the reward for it?
Includes all earths natural resources eg. renewable + non renewable, water, animals
Reward - rent
Why is the environment a scarce resource?
aren’t enough natural resources to satisfy everyone demands
1 exception is air - but some air is polluted
What is labour and its reward?
work done by people who contribute to production process - human capital
number of people in UK of working age and have a job is 30 million
reward - wages
What does the term unemployed mean?
Those who are capable and old enough to work but don’t have a job
What does the term labour force mean?
Population available to do work
What factors make some people more valuable in the workplace?
education
experience
training
What is capital?
equipment used in producing goods and services
What is enterprise and its reward?
Refers to the entrepreneurs who take risks + create things using FoP
Reward - if business succeeds = profit