Lesson 2- The basic economic problem

Question 1

What are the 4 factors of production?

Answer 1

Land
Labour
Capital
Enterprise

Question 2

Define the factor land

Answer 2

Natural resources needed to provide things

Question 3

Define the factor enterprise

Answer 3

Entrepreneurs organise factors and take the risk to start firms

Question 4

Define the factor labour

Answer 4

Workforce with the necessary skills

Question 5

Define the factor Capital

Answer 5

Tools, machinery, factories, national infrastructure needed to produce goods

Question 6

Name 3 sources which are classed as scarce

Answer 6

.Water
.Food
.Jobs
.Livestock
.Land
.Medical supplies
.Housing

Question 7

How many people has the drought in Africa effected?

Answer 7

8.8 million people