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304670
Economic Resources
Description
A Levels Economics (Unit 1, 1 The Economic problem) Mind Map on Economic Resources, created by beth2384 on 26/10/2013.
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economics
unit 1
1 the economic problem
economics
unit 1, 1 the economic problem
a levels
Mind Map by
beth2384
, updated more than 1 year ago
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Created by
beth2384
over 10 years ago
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Resource summary
Economic Resources
FACTORS OF PRODUCTION
1. LAND
the natural resources we take from the world
Examples: fish, forestry, air, minerals, land
reward= RENT
2. LABOUR
All the potential work force including the physical people and their skills, ability and intelligence
reward= WAGES
3. CAPITAL
The stock of goods used to make other goods and services (capital goods)
Examples: machines, tools, computers, roads, railways, buildings
Reward= INTEREST
4. ENTERPRISE
Risk takers who are prepared to work to bring factors 1-3 together to make goods and services
(business manager, entrepreneur)
reward= PROFIT
free good= goods with no opportunity cost, they are free, e.g. air, education
Economic good= goods that are scarce and therefore have an opportunity cost, e.g. oil, food, clothes
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