Factors Of Production

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  • Created by: tonisha_
  • Created on: 18-09-21 17:58
What are resources needed to make?
products
1 of 19
What can this be divided into?
4 factors of production
2 of 19
What is one factor of production?
Land
3 of 19
What can land be referring to?
territory
4 of 19
What else can it be referring to?
natural resources
5 of 19
What are some examples of natural resources?
(5)
and examples?
non renewable resources-oil and coal
renewable resources-wind and wood
materials extracted from mining-diamond and gold
water
animals
6 of 19
What are most things in this category?
scarce
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What does this mean?
there is not enough o it to satisfy the demands of everyone
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What is another factor of production?
labour
9 of 19
What is labour?
the work done by the workers
10 of 19
Whats another name for these people?
the labour force
11 of 19
What are three key skills which can determine whether someone is more valuable in the workplace than another?
education
experience
training
12 of 19
What is another factor of production?
Capital
13 of 19
What is capital?
the equipment, factories and schools
14 of 19
What do these help produce?
goods and services
15 of 19
What is another factor of production?
enterprise
16 of 19
What does this refer to?
entrepreneurs who take risks and create things
17 of 19
What are most factors of production?
limited
18 of 19
What is the opportunity cost?
the benefit that is given up in order to do something else
19 of 19

Other cards in this set

Card 2

Front

What can this be divided into?

Back

4 factors of production

Card 3

Front

What is one factor of production?

Back

Preview of the front of card 3

Card 4

Front

What can land be referring to?

Back

Preview of the front of card 4

Card 5

Front

What else can it be referring to?

Back

Preview of the front of card 5
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