Fill in the missing factors of production below:
1 - Junior Cycle Business Studies - Question i - 2019
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 - 2019
Step 1
1. Land
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Answer
Land refers to all natural resources used in the production of goods and services. This includes raw materials like minerals, forests, water, and land used for agricultural purposes.
Step 2
2. Labour
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Answer
Labour is the human effort that is used in the creation of goods and services. This includes both physical and intellectual efforts of workers.
Step 3
3. Capital
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Answer
Capital refers to the man-made resources used in the production process, such as machinery, tools, buildings, and technology that assist in the production of goods and services.
Step 4
4. Enterprise
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Answer
Enterprise involves the entrepreneurial skills and risk-taking ability of individuals who combine the other factors of production to create goods and services. It involves innovation, management, and leadership.
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