Production of goods and services

Need to know

What you need to know

• Inputs are the resources used in the production process.
• The four main categories are Land, Labour, Capital, and Enterprise.
• Land refers to natural resources and physical space.
• Labour is the human effort involved in production.
• Capital includes machinery, equipment, and finance.
• Enterprise is the skill of organising resources and taking risks.

Explanation

Production of goods and services

1. Inputs are the resources used in the production process.
2. The four main categories are Land, Labour, Capital, and Enterprise.
3. Land refers to natural resources and physical space.
4. Labour is the human effort involved in production.