Complete the missing Factors of Production in the spaces provided - Leaving Cert Business - Question 4 - 2016
Question 4
Complete the missing Factors of Production in the spaces provided.
LAND
CAPITAL
Worked Solution & Example Answer:Complete the missing Factors of Production in the spaces provided - Leaving Cert Business - Question 4 - 2016
Step 1
Complete the missing Factors of Production: Labour
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Answer
The missing factor of production that should be placed between 'LAND' and 'CAPITAL' is 'LABOUR'. This refers to the human effort that is used in the production of goods and services.
Step 2
Complete the missing Factors of Production: Enterprise
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Answer
The final missing factor of production that should be placed after 'CAPITAL' is 'ENTERPRISE'. This represents the initiative and risk-taking ability of individuals to combine the other factors of production to create goods and services.
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