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LC Econ FofP

LC Econ Factors of Production

TermDefinition
Capital Anything made by man that is used to produce goods and services.
Centrally planned Economy An economy where the state controls and directs economic activity. (Also called a command economy.)
Depreciation The using up or wearing out of capital in a year.
Enterprise The factor of production that takes the initiative in organising land
Factors of Production The resources (or inputs) that are required in order to produce goods and services.
Fixed capital Stocks of fixed assets.
Free—enterprise Economy An economy where economic activity is undertaken by companies and individuals who are free to operate without undue government interference. (Also called a free-market economy.)
Gross investment The total amount of capital created in an economy in a year. (Also called gross domestic fixed capital formation.)
Land Anything supplied by nature used in the production of goods and services.
Labour All human effort that goes into the production of goods and services.
Mixed economy An economy where private enterprises and state enterprises both exist and where the government exercises a certain amount of regulation.
Net investment Gross investment minus depreciation.
Non-renewable sources Natural resources the supply of which cannot be replenished.
Renewable Resources Natural resources the supply of which can be replenished.
Social capital Capital owned by society in general.
Working capital Manufactured raw materials
Created by: MrFromholz
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