Capital Resources | Derived demand | Entrepreneur | Factors of Production | Human Resources | Interest | Interest-reward for capital resources | Natural Resources | Non-Renewable Resources | Profit | Profit-reward for entrepreneurship | Renewable Resources | Rent | Rent-reward for natural resources | Resources | Wages | Wages-reward for human resources
Define the term capital resources (producer goods).
Man-made goods used to produce other goods and services - e.g. tools/machinery.
State the factor reward (or payment for the use) of capital resources.
Define the term entrepreneur.
Individuals who take risks and organise the factors of production e.g. owner of a factory.
Define the term human resources.
The work and effort of people, e.g. driver, worker.
State the factor reward (or payment for the use) of entrepreneurship.
Which factor is the reward wages paid for?
The various factors of production earn different factor incomes. Wages are:
Wages are the reward for human (labour) resources.