Factors of Production Flashcards

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What are the four factors of production?

Land, labour, capital, and enterprise.

All natural resources used to make goods and services, such as land, water, oil, and forests.

The human effort, physical and mental, used to make goods and services.

Man-made resources used to produce other goods and services, like machines, tools, buildings, and vehicles.

The factor that organises land, labour, and capital, and takes the risk to start and run a business.

Land earns rent, labour earns wages, capital earns interest, and enterprise earns profit.

No. Money is not used to produce directly; it is used to buy capital.

The skills, knowledge, and health of workers that make them more productive.

Renewable resources can be replaced naturally, like timber. Non-renewables run out when used, like oil and gas.

Fixed capital is long-lasting equipment, like machines and buildings. Working capital is materials used up in production, like flour or parts.