Fill in the missing factors of production below:
1 - Junior Cycle Business Studies - Question i - 2011
Question i
Fill in the missing factors of production below:
1. ________________
2. ________________
3. ________________
4. Enterprise
Worked Solution & Example Answer:Fill in the missing factors of production below:
1 - Junior Cycle Business Studies - Question i - 2011
1. Land
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Land is a fundamental factor of production that includes all natural resources used to create goods and services.
2. Labour
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Labour refers to the human effort that is utilized in the production process. It can encompass both physical and mental work.
3. Capital
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Capital includes the tools, machinery, and buildings used in the production of goods and services. It is a man-made resource.
4. Enterprise
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Enterprise is the factor that brings together the other factors of production. It involves the initiative and risk-taking ability of entrepreneurs.
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