Factors of Production. What’s another word for Land Labour Capital.
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Factors of Production
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Transcript of Factors of Production. What’s another word for Land Labour Capital.
Factors of Production
What’s another word for
Land
Labour
Capital
Classify the following as land, labour or capital?
Timber Window cleanerNatural GasSolar EnergyCombine HarvesterComputer Programmer
Computer Program
Classify the following as land labour or capital?
Timber (Land)Window cleaner (Lab)Natural Gas (Land)Solar Energy (Land)Combine Harvester (Cap)Computer Programmer(Lab)Computer Program (Cap)
What, How, For Whom?
A firm chooses to switch from CD production to output of DVDs
Government reduces highest rate of income tax
Tesco introduces Self Service checkout
Increase in social security benefit
Owner of a café closes down and takes job in factory
What, How, For Whom?
A firm chooses to switch form CD production to output of DVDs. (W)
Government reduces highest rate of income tax (FW)
Tesco introduces Self Service checkout (H)
Increase in social security benefit (FW)
Owner of a café closes down and takes job in factory (W)
How would you distribute a pack of sweets
between everyone in a classroom?
How do economists tackle complex issues?
You’re a Government Minister Now
What would be your priorities. How would you decide
What to produceHow to produceFor Whom?
