State examples of the four factors of production under each of the following headings:
Factor
Example of factor of production
Land
Labour
Capital
Enterprise - Leaving Cert Economics - Question 3 - 2019
Question 3
State examples of the four factors of production under each of the following headings:
Factor
Example of factor of production
Land
Labour
Capital
Enterprise
Worked Solution & Example Answer:State examples of the four factors of production under each of the following headings:
Factor
Example of factor of production
Land
Labour
Capital
Enterprise - Leaving Cert Economics - Question 3 - 2019
Step 1
Land
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Answer
An example of land as a factor of production is the ground on which a factory is built, or raw materials that are used to make products. This includes resources such as oil fields, mines, and forests.
Step 2
Labour
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Answer
Labour refers to the human effort used in production. For example, the workers who produce the products are classified under this heading. Specific examples can include labourers or plumbers.
Step 3
Capital
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Answer
Capital involves the machinery and factory buildings utilized in the production of products or technology. For instance, the equipment used in a manufacturing setup is considered capital.
Step 4
Enterprise
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Answer
Enterprise is represented by the owners and shareholders who make important decisions and bear the risks associated with running a business. They are crucial for driving innovations and managing operations.
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