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Economics:- Factors Of Production
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  • Economics= Factors Of Production
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  • Economics= Factors Of Production
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  • Cambridge IGCSE® and O Level Economics Coursebook

Chapter 2 of your economics document covers factors of production—land, labor, capital, and enterprise. It emphasizes how capital (machinery, tools), enterprise (entrepreneurs), and labor (workers) contribute to production. It also discusses the quality (skills, efficiency) and quantity (number) ...

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  • October 18, 2024
  • 14
  • 2024/2025
  • Thesis
  • Asma
  • Unknown

Subjects

  • land
  • mobility
  • capital
  • enterprise
  • labour force
  • labour productivity
  • output
  • quality
  • quanity
  • investment
  • depreciation

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Ch-2 Factors of
Production

1. What are the factors of production?


Answer: - Factors of production are the
economic resources of land, labour, capital
and enterprise



2. What is land?


Answer: - Land is a gift of nature available for
production. It can be used for buildings,
houses, offices, agriculture and etc.

, 3. Define ‘Labour’. Give an example


Answer: - Labour is the human effort used in
producing goods and services, including the
physical and mental work, for example; a road
sweeper which cleans and sweeps the road, is
putting both the physical and mental effort.



4. What is capital? Give an example


Answer: - Capital is any human-made good
used to produce other goods and services, for
example; factories. Capital is also referred to
as capital goods and producer goods

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