Factors of production
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Last updated 7:24 PM on 3/2/25
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4 Terms
1
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Explain the factors of production?
↳ Land- place where the business is/earth’s resources
↳ Labour- work done
↳ Enterprise- entrepreneurs
↳ Capital- equipment
2
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Why is land a problem?
↳ There are not enough natural resources to satisfy the demands of eveyone
3
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What is opportunity cost?
↳ Benefit that’s given up in order to do something else
4
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Why is opportuity cost important?
↳ To figure out which one is more profitable in the long run
Note 
Flashcards (52)