Learning objective

Understand the definitions of the factors of production and the rewards associated with them, including examples of land, labour, capital, and enterprise, as well as the characteristics of each factor.

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Cambridge IGCSE EconomicsThe basic economic problem

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Understand the definitions of the factors of production and the rewards associated with them, including examples of land, labour, capital, and enterprise, as well as the characteristics of each factor

This point belongs to The factors of production, especially The factors of production outcomes.
You need to be able to understand the definitions of the factors of production and the rewards associated with them, including examples of land, labour, capital, and enterprise, as well as the characteristics of each factor.
The key ideas to know are Define, Describe, and Give.
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Key concepts

DefineDescribeGive

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This objective helps connect The factors of production outcomes to exam-style questions, flashcards, and revision notes for The factors of production.

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Paper 2 structured question: The factors of production

Paper 2Structured Questions1 marks

Description

Factors of Production

The factors of production are essential resources used in the creation of goods and services. They include land, labour, capital, and enterprise, each with distinct characteristics and rewards.

a
State the four factors of production.
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Aim for approximately 1 distinct marking point.
[1]

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Related learning objectives

Examine the mobility of the factors of production and the various influences that affect their movement.
The factors of production outcomes
Explore the quantity and quality of the factors of production, focusing on the reasons behind changes in both aspects.
The factors of production outcomes

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