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Factors of Prod LC

TermDefinition
Land Anything supplied by nature which helps to create wealth.
Labour Human effort which helps to create wealth.
Capital Anything man-made which helps to create wealth.
Enterprise A person who organises the other factors of production and the bears the risk involved in production.
Derived demand The demand for a factor of production is derived from the demand for the good/services produced by the firm.
Specific factors Factors of production which are specialised and do not have many different uses.
Non-specific factors Factors of production which have many different uses.
Supply price The minimum payment necessary to bring a factor into use and maintain it in that particular use.
Transfer earnings The earnings that the factor would receive in its next most highly paid alternative employment.
Economic rent Any earnings a factor receives above its supply price.
Quasi economic rent Economic rent earned by labour in the short run.
Created by: Ms D'Rosario
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