Insert the factor of production or an appropriate example of the factor of production into the four spaces provided below - Leaving Cert Economics - Question 1 - 2015
Question 1
Insert the factor of production or an appropriate example of the factor of production into the four spaces provided below.
Factor of Production LAND (ii) CAPITAL... show full transcript
Worked Solution & Example Answer:Insert the factor of production or an appropriate example of the factor of production into the four spaces provided below - Leaving Cert Economics - Question 1 - 2015
Step 1
Insert an example for LAND
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Answer
The factor of production for Land can be represented by 'AGRICULTURAL LAND', which refers to the land used for farming and agriculture. Another appropriate example could be 'oil & gas deposits', as these are natural resources found beneath the earth's surface.
Step 2
Insert an example for LABOUR
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Answer
The factor of production for Labour is represented by 'TEACHER'. This indicates the human input and skills involved in the education sector.
Step 3
Insert an example for CAPITAL
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Answer
The factor of production for Capital can be illustrated with 'MACHINERY', which encompasses tools and machinery used in production processes. Additionally, 'infrastructure' is another example, referring to the physical systems supporting production.
Step 4
Insert an example for ENTERPRISE
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Answer
The factor of production for Enterprise is exemplified by 'BUSINESS OWNER'. This signifies the entrepreneurial initiative and risk-taking involved in creating and managing businesses.
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