Cambridge AS & A Level Economics
1.3Factors of production
Factors of production in Cambridge AS & A Level Economics: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic62 practice questions3 lessons
Overview
Rewards to the factors (1.3.3) are taught in the distribution lesson covered here; specialisation and the entrepreneur (1.3.4-1.3.5) in one lesson.
Learning objectives
What the syllabus expects you to be able to do.
- 1.3.1Define the factors of production: land, labour, capital and enterprise.
- 1.3.2Distinguish human capital from physical capital.
- 1.3.3Identify the rewards to the factors of production.
- 1.3.4Explain the division of labour and specialisation.
- 1.3.5Explain the role of the entrepreneur in contemporary economies: bearing risk and organising the other factors.
Lessons
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Rent, wages, interest and profit: the rewards to the factors of production
45 min
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The entrepreneur, specialisation and the division of labour
35 min
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The factors of production
35 min
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Sample question
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Turn Factors of production into a strength.
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