CramPuppy - Free Revision Notes | Igcse | Economics

CramPuppy - Free Revision Notes » Igcse » Economics » Factors of Production

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Economic Resource (input) | Reward/Income of factor/cost of factor

Land (natural resource) | rent

Labour (human resource) | wage or salary

Capital (man-made resource) | interest

Enterprise/Entrepreneur (human factor) | profit

Durable good: a long lasting good. It provides utility for a long period of time. Has a long economic life e.g. a car, computer, etc.

Non-durable good: perishable. A good that does not last for a long time. It gets spoiled/deteriorates quickly.

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by: Admin
Total views: 1621
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Date: Sun, 21 May 2006 Time: 12:00 AM
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