A-Level Economics: Economic Resources

Economic Resources

Factors of Production

• These can be shortened to 'CELL' to remember
  • Capital: goods used in the supply of other products e.g machines, computers
  • Enterprise: Entrpreneurs organise factors of production and take risks e.g CEOs
  • Land: Natural resources avaliable for production e.g oil, coal, fields
  • Labour: The human input into the production process e.g factory workers, product designers

• Factor rewards describe the incomes that flow to each of the…