Factors of Production

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Last updated 11:19 AM on 9/10/26
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12 Terms

1
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What are the 4 factors of production

  • Land

  • Labor

  • Capital

  • Enterprise


2
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Definition of land

Any resource taken from the planet

3
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Definition of labor

The work done by individuals by production

4
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Definition of capital

Anything used, but not used up in the act of production

5
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Definition of enterprise

An organisation of the other factors of production

6
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What are the factors payment method

  • Land- rent

  • Labor- wages

  • Capital- interest

  • Enterprise- profit


7
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Examples of land

Crude oil,physical space

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Examples of laboor

Cleaner, cashier

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Example of capital

Machinery, computer software

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Examples of enterprise

Entrepreneur, CEO, Government (not profit making)

11
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What does PPF stand for

Production possibility frontier

12
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What does PPF show

It shows the possible combinations of goods and services that can be produced when all factors are being used to their full extent