FACTORS OF PRODUCTION

• What are factors of production?

  resources used to produce goods and services. including land, labour, capital and enterprise
• What is labour?

  people employed in a business or used in production
• What is fixed capital?

  a stock of human-made resources, such as machines and tools, used to help make goods and services
• What is an entrepreneur?

  an individual who organises the other factors of production and risks their own money in a business venture
• What are split shifts?

  working shift comprising two or more separate periods of duty a day
• what are the factors of production?

  • land
  • labour
  • capital
  • enterprise
• Why is land a factor of production?

  businesses will need a plot of land to locate their premises. Land also includes natural resources, such as coal, oil, iron ore, rainwater...