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Explain any two of the following four Factors of Production: Land Labour Capital Enterprise (i) (ii) - Leaving Cert Business - Question 12 - 2009
Question 12
Explain any two of the following four Factors of Production: Land Labour Capital Enterprise (i) (ii)
Worked Solution & Example Answer:Explain any two of the following four Factors of Production: Land Labour Capital Enterprise (i) (ii) - Leaving Cert Business - Question 12 - 2009
Step 1
(i) Land
Answer
Land refers to the natural resources available for production. This includes not just the physical ground but also all natural resources like water, minerals, forests, and agricultural land. These resources are vital for producing goods and services, serving as the base for agricultural output and as raw materials for industry.
Step 2
(ii) Labour
Answer
Labour represents the human input in the production process. It encompasses the physical and mental efforts put forth by workers in various industries, contributing directly to the creation of goods and services. The skill levels, productivity, and efficiency of labour can significantly affect the overall output of production.