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factors of pro

Chapter 2

QuestionAnswer
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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