the resources needed for production of goods and services Land, Labour, Capital and Enterprise
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what is land?
all natural resources used to produce goods and services eg: cotton, coffee reward: rent
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what is labour?
human efforts used to produce goods and services (mental, physical, skilled or unskilled) eg: teacher, doctor reward: wages/salary
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what is captial?
man-made resources used for the production of goods eg: furniture, vehicle reward: interest
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What is enterprise?
Skill of creating the good or service, ability to make risks and make decisions known as entrepreneur eg: managers and owners reward: profit
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Mobility
geographically- capable of moving from one location to another location Occupationally- capable of changing its use
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mobility of land
Occupationally mobile Geographically immobile
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mobility of labour
-can have high occupational mobility if workers have the right skills and qualifications -can be geographically mobile depending on ability to move and transportation facilities, housing and cost -can also be geographically and occupationally immobile due to lack of skills
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Mobility of capital
-can be geographically and occupationally mobile depending on use of the capital eg: a pen is occupationally and geographically mobile -can be occupationally mobile and geographically immobile eg: a building
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Mobility of enterprise
Geographically and occupationally mobile
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what is quantity in factors of production?
the volume of resources available
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what is quality in factors of production?
how useful or productive its factors of production are
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quantity of land
amount of physical land does not change much (slight increase and decrease)
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Quality of land
depends upon soil, fertility, weather etc
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quantity of labour
depends upon size of population and other determinants of labour force
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quality of labour
depends upon skill, education, training, qualifications and health of workforce
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quantity of capital
Influenced by investment tends to increase with time
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quality of capital
advances in technology enable capital goods to produce a higher output and a better quality output
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quantity of enterprise
influenced by favourable economic conditions that produce entrepreneurs
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quality of enterprise
depends on how well it is able to satisfy and expand demand in economy in cost-effective and innovative ways
Studied by 14 people
