f 0.0 / 5 ? Early Education and ChildcarefffNational 5AQA Created by: anaghaacharyaCreated on: 07-06-14 14:28 Capital Intensive Where production relies more heavily on machinery relative to labour 1 of 11 Entrepreneur A individual who oragnises the other factors of production and risks their own money in a business venture. 2 of 11 Factors of Production The resources used to produce goods and services. They include land, labour, capital and enterprise. 3 of 11 Fixed Capital The stock of manmade resources such as machines and tools used to help make goods and services. 4 of 11 Human Capital The value of the workforce or an individual worker. 5 of 11 Labour The people used in production. 6 of 11 Labour Intensive Where production relies more heavily on labour relative to machinery. 7 of 11 Production A process which involves converting resources into goods or services. 8 of 11 Productivity The amount of output that can be produced with a given quantity of resources. 9 of 11 Working Capital or circulating Capital Resources used up in production such as raw materials and components. 10 of 11 De-industrialisation The decline in manufacturing (secondary sector) 11 of 11
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