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factors of pro
Chapter 2
| Question | Answer |
|---|---|
| capital | anything made by man that is used to produce goods and services. |
| land | anything supplied by nature that is used in the production of goods and services. |
| labour | all human effort that goes into the production of goods and services. |
| enterprise | the factor of production that takes the initiative in organizing land, labor and capital that bears the risk involved in production. |
| centrally planned economy | an economy that controlls and directs all economic activity (also called a command economy)eg.cuba |
| mixed economy | an economy where private enterprises and state enterprises both exist and where the government exersices a certain amount of activity. eg.Ireland |
| free enterprise economy | an economy where activity is undertaken by companies and individuals who are free to operate without undue government interference.(also called a free market economy). eg. united states of America. |
| depreciation | the using up or wearing out of capital in a year. |
| factors of production | the resources or inputs that are required to produce goods and services. |
| fixed capital | stock of fixed assets. |
| gross investment | the total amount of capital created in an economyin a year. |
| net investment | gross investment minus depreciation. |
| non-renewable resources | natural resources that's supply cannot be replenished. |
| renewable resources | natural resources that's supply can be replenished. |
| social caplital | capital owned by society in general. |
| working capital | manufactured raw materials,partly finished goods and finished goods |
Created by:
jmartineconomics
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