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1.1.2 Factors of production

Card 1 of 20

Which four scarce inputs must every business use to produce output?

A

Land, labour, capital and enterprise.

B

Unlike capital, which is man-made, land is not produced by anyone.

C

The income earned by capital is interest.

D
  • Use a large team of pickers - labour-intensive.
  • Use a harvester with one driver - capital-intensive.

Card 1 of 20

1.1.2 Factors of production Flashcards

  1. GCSE
  2. /Economics
  3. /1.1.2 Factors of production

20 flashcards on OCR GCSE Economics 1.1.2 Factors of production: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.

Flashcards