TOPIC:Unit 11.

4A: Factor markets

Subject Learning Objective: Identify the role of the firm in Industrial relations. OUTLINE: 1. Describe the nature of the Factors of Production Land Labor Capital Entrepreneurship

1.

2.

3.

4.

ANSWERS
1. 2. 3. 4. LAND/NATURAL RESOURCE ENTREPRENEURSHIP LABOUR CAPITAL

Factors of Production
CHOOSE THE STATEMENT FROM COLUMN B THAT MATCHES THE CONCEPT IN COLUMN A
COLUMN A COLUN B

1.

Capital

A. physical and mental effort of people used in production B.refers to the management, organization and planning of the other three factors of production C.- all non-natural (manufactured) resources that are used in the creation and production of other products

2.

Land

3.

Entrepreneurship

D. natural resources available for production 4. Labour - renewable resources: those that replenish

- non-renewable resources: cannot be replaced

ANSWERS
1. 2. 3. 4. CAPITALLAND/NATURAL RESOURCEENTREPRENEURSHIPLABOURC D B A

Inclusive Wealth Index", A comprehensive look at a country's wealth that takes things like forests and rivers into account and environmental degradation. Comprised of human, natural and produced capital.

Factors of Production

Payments
to factors of Productio n
Land Labor Capital
Enterprise

Rent

Wages

Interest

Profit

INCOME

FORMATIVE COMPLETE FORMATIVE A.S.A.P