Economic resources (1.3) (The factors of production (What are the factors…
Economic resources (1.3)
The factors of production
What are the factors of production?
The four factors of production are land, labour, capital and enterprise.
What are factors of production?
Inputs into the production process.
The environment as a scarce resource
What are environmental reasources in economics?
Natural resources that can be used in the economic cycle.
What are the types of resource?
Hydrogen and oxygen
Solar and wind power, clean air and water the beauty of the landscape.
Soil,water,forests,fisheries and minterals
The two types of resource
Oil, something that runs out as it is used.
Timber, with careful management can be renewed as it is used.