Write, in the blank spaces below, which factor of production each of the following represents:
Carpenter Business Owner Natural Gas Buildings
Factor
LAND LABOUR CAPITAL ENTERPRISE
Represented by
- Leaving Cert Economics - Question 1 - 2013
Question 1
Write, in the blank spaces below, which factor of production each of the following represents:
Carpenter Business Owner Natural Gas Buildings
Factor
LAND LABOU... show full transcript
Worked Solution & Example Answer:Write, in the blank spaces below, which factor of production each of the following represents:
Carpenter Business Owner Natural Gas Buildings
Factor
LAND LABOUR CAPITAL ENTERPRISE
Represented by
- Leaving Cert Economics - Question 1 - 2013
Step 1
Carpenter
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Answer
The factor of production represented by a Carpenter is LABOUR. Carpenters provide the manual labor necessary to create structures and furniture.
Step 2
Business Owner
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Answer
The factor of production represented by a Business Owner is ENTREPRISE. Business Owners take the risk and manage resources to create goods and services.
Step 3
Natural Gas
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Answer
The factor of production represented by Natural Gas is LAND. Natural Gas is a natural resource derived from the earth.
Step 4
Buildings
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Answer
The factor of production represented by Buildings is CAPITAL. Buildings are physical assets used for conducting business or production activities.
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