IGCSE Economics-Introduction-Factors of Production

​IGCSE Economics

Unit 1-Introduction to Economics

Factors of Production​

Diving deep into the factors of Production and how they are used ​

Fill in the Blanks

Open Ended

Explain with an example what natural resources are

Open Ended

Explain what reward entrepreneurs get

Multiple Choice

The reward individuals receive for owning the factor of production of land is called

• Profit

• Rent

• Salami

• Wages

Deciding which factor of production to use...

Entrepreneurs have to decide which FOP to use and to what level. How much labour to employ? what types of labour? How much Capital to employ and what types of capital? What natural resources to employ? What types of resources?

Subject | Subject

Some text here about the topic of discussion

​​Decisions made!

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Open Ended

Why might a producer (business) choose to use more labour than capital?

What might influence their decision?

Open Ended

Why might a business choose to use more capital goods than labour?

What might influence their decision?