Untitled Flashcards

Front

What is land?

Back

All elements of the environment. Many natural resources are limited in supply and cannot be replaced. Some natural resources are renewable because of careful management.

Front

What is labour

Back

Labour is when something includes all humans mental and physical skills and effort. It's when humans do something to make something.

Front

What is capital?

Back

Capital are goods that are used to make final products. This includes all tools and equipment. The goods helps or provides something. For example a hammer could help you build a house.

Front

What is enterprise?

Back

Enterprise is when you combine land, labour and capital to make a good or a service.

Front

What are some examples of land?

Back

Some examples of land are cotton, coal, trees and water.

Front

What are some examples of labour?

Back

Some examples of labour are a builder, factory worker, teacher, gymnast and Rio Tinto.

Front

What are some examples of capital?

Back

Some examples of capital are hammers, pencil, chairs, laptop, hair net and a water bottle.

Front

What are some examples of enterprises?

Back

Some examples of enterprises are clothing and food.

Front

What is demand?

Back

Demand is the amount of a good or service consumers are willing and able to purchase at a particular price.

Front

Identify the factors that affect demand

Back

Seasonal or weather factors.

Consumer income.

Personal preferences.

Change in the price of a substitute or complement product.

Price.