The Economic Problem and Factors of Production

HideShow resource information
  • Created by: lizaloo98
  • Created on: 05-04-16 22:49
View mindmap
  • The Economic Problem and Factors of Production
    • The Economic Problem
      • How to best allocate scarce resources to fulfill unlimited needs and wants.
    • Factors of Production
      • Land
        • Natural resources in an economy
          • e.g. Carrots
      • Labour
        • The quantity and quality of human resources
          • e.g. Farmer
      • Capital
        • Man-made aids to production
          • e.g. Computer
      • Enterprise
        • Someone who bears the risks of the business and who organises production
          • e.g. Manager
      • Production: the output of goods and services
      • Factor endowment: the stock of factors of production


No comments have yet been made

Similar Economics resources:

See all Economics resources »See all F581 resources »