EconomicsCode 9708
Factors of production
What this topic asks you to be able to do
- what the factors of production are and how they are defined: land, labour, capital and enterprise
- the ways in which human capital differs from physical capital
- the returns earned by each of the factors of production
- the division of labour alongside specialisation
- the part played by the entrepreneur in modern economies: bearing risk and organising the remaining factors of production