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Economic Activity
The combination of resources to produce an output of goods or services
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Factors of production
Inputs to the production process
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Land
Resources found in the natural environment
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Labour
Human inputs to the production process
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Capital
are used to produce other consumer goods and services in the future
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Enterprise
The skill of bringing together other factors of production, spotting gaps in markets and taking risk
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Scarcity
Man's unlimited wants and needs in relation to finite resources
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Other cards in this set

Card 2

Front

Factors of production

Back

Inputs to the production process

Card 3

Front

Land

Back

Preview of the front of card 3

Card 4

Front

Labour

Back

Preview of the front of card 4

Card 5

Front

Capital

Back

Preview of the front of card 5
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