Human Capital — development?
Skills, knowledge, and abilities gained through education and training.
Factors of Production — definition?
Resources used to produce goods/services.
Factors of Production — components?
Land, labour, capital, entrepreneurship, technology.
Land — include?
Natural resources like soil, minerals, water.
Land — natural resources?
Includes soil, water, minerals, forests, air, sunlight.
Labour — effort?
Physical and mental human effort.
Human Capital — example?
Skills and knowledge of workers.
Capital — example?
Machinery, tools, financial assets.
Entrepreneurship — role?
Organizes resources, takes risks, innovates.
Technology — impact?
Improves efficiency, innovation in production.
Test your knowledge with 10 questions on Fundamentals of Factors of Production.
1. According to the content, which of the following is included in the definition of land (natural resources)?
2. What are the factors of production as defined in economics?
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