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Resources: factors of production (FOP) or Inputs

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Labour

-          Capital

-          Enterprise

 

Land: the land, all that is underneath, and all that is above. All that is natural (gifts of nature).

 

Labour: the human factor of production (workers). Skilled and unskilled.

Efficiency: rate of productivity

Productivity: how much output is produced on average

 

Capital: money, machines, equipment, technology? man made. Increases productivity of other factors of production (capital and consumer goods)

 

Enterprise: a specialized form of labour. The person who bears the risks of uncertainties in the marker. He decides how, how much, what and when to produce. He combines factors of production.

 

Resources are scarce and can be put to alternative use.

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by: Admin
Total views: 2289
Word Count: 668
Date: Sun, 21 May 2006 Time: 12:00 AM
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