Economic Resources
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Last updated 2:02 PM on 4/2/26
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5 Terms
1
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What are the Four Factors of Production
Land, Labour, Capital, Enterprise
2
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What is Land?
Non man-made natural resources available for production.
e.g Oil
3
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What is Labour?
The human input into the production process.
4
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What is Capital?
Any man made resource that is used to produce goods/services.
e.g tools, machines, buildings
5
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What is Enterprise?
Taking risks in setting up or running a firm. - entrepeneur
