Factors of Production

• What are the four categories of factors of production?

  Land, labour, capital, enterprise
• What is the benefit or reward for land as a factor of production?

  The reward for land is called rent
• What does land include as a factor of production?

  Natural physical resources like farmland
• What is the human input into production referred to as?

  Labour
• What is the reward for labour?

  Wages
• What are capital goods used for?

  To produce other consumer goods and services
• What is the reward for capital?

  Interest
• How is enterprise regarded in relation to labour?

  As a specialised form of labour input
• What is the main reward for an entrepreneur?

  Profit
• Match the factor of production to the example: Accountant.

  • Factor of Production: Labour
• Match the factor of production to the example: Digger.

  • Factor of Production: Capital
• Match the factor of production to the example: Gold Nugget.

  • Factor of Production: Land
• Match the factor of production to the example: Market Stall Owner.

  • Factor of Production: Enterprise
• What was the first product sold by Lord Alan Sugar?

  Amstrad’s personal computer
• What was the first product sold by Martha Lane Fox?

  Last Minute
• What was the first product sold by Deborah Meadon?

  Ceramics and glass