A-Level Economics: Economic Resources

  • Created by: SophieT31
  • Created on: 25-10-18 18:51

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


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