In the case of each of the following:
Electrician Machinery Business Owner Oil
state in the blank spaces below, which factor of production it represents - Leaving Cert Economics - Question 5 - 2009
Question 5
In the case of each of the following:
Electrician Machinery Business Owner Oil
state in the blank spaces below, which factor of production it represents.
Facto... show full transcript
Worked Solution & Example Answer:In the case of each of the following:
Electrician Machinery Business Owner Oil
state in the blank spaces below, which factor of production it represents - Leaving Cert Economics - Question 5 - 2009
Step 1
LAND
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Answer
The factor represented by 'Land' is Oil, as it is a natural resource.
Step 2
LABOUR
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Answer
The factor represented by 'Labour' is Electrician, as it refers to skilled workers.
Step 3
CAPITAL
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Answer
The factor represented by 'Capital' is Machinery, as it refers to the tools and equipment used in production.
Step 4
ENTERPRISE
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Answer
The factor represented by 'Enterprise' is Business Owner, as it represents the individual who brings together resources to create goods or services.
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