Economic resources (1.1.3)

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  • Created by: lee42
  • Created on: 05-04-19 10:10
What is capital?
It is the equipment used to generate goods/services witihin production process
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What is the traditional theory of the firm?
To make profit
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What is human capital?
It is the value that labour force brings to the production process
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What is labour force?
It is the total population that can work
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What is Land?
It is finite and non finite resources found on the planet
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What is enterprise?
It is the action of establishing a business/take risks to make profit
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What are the economic resources?
Land/labour/capital/enterprise
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Other cards in this set

Card 2

Front

What is the traditional theory of the firm?

Back

To make profit

Card 3

Front

What is human capital?

Back

Preview of the front of card 3

Card 4

Front

What is labour force?

Back

Preview of the front of card 4

Card 5

Front

What is Land?

Back

Preview of the front of card 5
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