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.
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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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