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business chapter 33

all about scarcity and choice

QuestionAnswer
what is enterprise ? the factor of production that brings together land labour and capital to produce a product or service
what do economic resources have in common? they have value they have alternative uses they are scarce or limited in supply
what are the four factors of production ? land labour capital and enterprise
whats is economics ? the study of how people businesses and governments with limited resources make choices in order to satisfy their needs
what are economic resources ? the factors or inputs used and to produce and distribute goods and services
what is land ? refers to the things provided with the help of nature for example sea fields rivers mines forests and climates
what is labour? the people involved in producing a good or service for example teachers electricians carpenters and factory workers
what is capital ? physical items used in the production of goods or services for example buildings machinery vehicles and computers
what is the reward for land ? rent
what is the reward for labour ? wages
what is the reward for capital ? intrest
what is the reward for enterprise? profit
Created by: angel555
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