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2 cards from this section. Quick, good the night before a test.
Define production in your own words.
Think about what you see created around you.
List the four factors of production.
Remember the acronym L.L.C.E.
What is production?
Focus on the creation aspect.
Are the factors of production mobile?
Remember which factors are mobile and which are not.
Evaluate how the lack of one factor of production can impact a business.
Think about how each factor is essential for success.
Design a small production setup incorporating all four factors and describe their roles.
Incorporate how these elements would interact in your setup.
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