Unit 1.2 Factors of Production

Front

Capital

Back

includes all man-made resources

Front

Economic resources / Factors of production

Back

land, labour, capital & enterprise

Front

Enterprise

Back

brings all the other factors together to produce a good or service

Front

Factor immobility

Back

the difficulties in transferring factors of production so that they may be used by an alternative industry

Front

Geographical mobility

Back

the ease with which an individual can change from one location to another for work purposes

Front

Labour

Back

includes all human resources

Front

Land

Back

includes all natural resources

Front

Profit

Back

income of a firm after expenses have been deducted
[Profit = TR - TC]