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Business GCSE AQA

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  1. The Purpose And Nature Of Businesses Aqa
    6 主题
  2. Business Ownership Aqa
    4 主题
  3. Setting Business Aims And Objectives Aqa
    3 主题
  4. Stakeholders Aqa
    1 主题
  5. Business Location Aqa
    1 主题
  6. Business Planning Aqa
    1 主题
  7. Expanding A Business Aqa
    2 主题
  8. Technology Aqa
    1 主题
  9. Ethical And Environmental Considerations Aqa
    3 主题
  10. The Economic Climate Aqa
    1 主题
  11. Globalisation Aqa
    2 主题
  12. Legislation Aqa
    1 主题
  13. Competitive Environment Aqa
    2 主题
  14. Production Processes Aqa
    2 主题
  15. The Role Of Procurement Aqa
    3 主题
  16. The Concept Of Quality Aqa
    3 主题
  17. Good Customer Service Aqa
    2 主题
  18. Organisational Structures Aqa
    2 主题
  19. Recruitment And Selection Of Employees Aqa
    4 主题
  20. Motivating Employees Aqa
    1 主题
  21. Training Aqa
    2 主题
  22. Identifying And Understanding Customers Aqa
    1 主题
  23. Segmentation Aqa
    1 主题
  24. The Purpose And Methods Of Market Research Aqa
    3 主题
  25. The Elements Of The Marketing Mix Aqa
    9 主题
  26. Sources Of Finance Aqa
    2 主题
  27. Cash Flow Aqa
    3 主题
  28. Financial Terms And Calculations Aqa
    4 主题
  29. Analysing The Financial Performance Of A Business Aqa
    5 主题
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Exam code:8132

Capital, enterprise, land and labour

  • The factors of production are the resources used by businesses to produce goods and services

The four factors of production

Capital

Enterprise

  • Capital includes any man-made resource used to produce goods/services

  • Examples include tools, buildings, machines and computer equipment

  • Enterprise involves taking risks when setting up or running a business

  • An entrepreneur decides on the combination of the factors of production necessary to produce goods/services with the aim of generating profit

Land

Labour

  • This includes non man-made natural resources and physical locations that are used for production

  • Some regions have vast supplies of a particular natural resource and are able to specialise in its production, e.g. oil, wood, fish, iron ore

  • This includes human input into the production process

  • Labour involves mental or physical effort

    • It can be skilled or unskilled

    • Its effectiveness is determined by education, training & experience workers have

  • The production of any good or service requires the use of a combination of all four factors of production

Factors of production in vehicle production

Illustration of a car with four coloured boxes labelled Capital, Enterprise, Land, and Labour, listing related terms like CAD/CAM, vehicle idea, premises, designers.
The combination of factors of production in manufacturing a vehicle

  • In order to produce a vehicle, a business requires

    • Capital, including a CAD/CAM system as well as a production line that may use robots

    • Enterprise, including the financial resources to pursue a vehicle idea that may have been determined using market research

    • Land, including factory premises and storage facilities, as well as a test track to check vehicles meet quality standards

    • Labour, including design and production workers, as well as quality testers

Examiner Tips and Tricks

In the exam, you could be asked to identify one or more factors of production. ‘Identify’ questions do not require any explanation, so you could simply write, for two marks:

Land, Labour

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