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4 cards from this section. Quick, good the night before a test.
Name the four factors of production.
Think of what input is required for production.
What is the reward for labour?
Consider what workers are paid.
Which of the following is NOT a factor of production?
Remember the core areas that contribute to production.
True or False: All factors of production are independent.
Consider how they relate in the production process.
Evaluate how different economic systems (capitalism, socialism) can impact the effectiveness of the factors of production.
Think about how each system prioritizes resources and productivity.
Devise a strategy for a startup to utilize the factors of production effectively. What considerations must be made?
Consider what balance between the factors will optimize their product or service.
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