1.2 the factors of production at University of Birmingham

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types of renewable resources (5) 

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define solar energy 

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define free goods

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define consumption 

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define consumer good

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define capital goods 

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define capital 

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define geographically immobile workers 

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increasing quantity of land (5) 

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increasing quantity of labour (3) 

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increasing quantity of capital (2)

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increasing quality of capital (1) 

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Exemplary flashcards for 1.2 the factors of production at the University of Birmingham on StudySmarter:

1.2 the factors of production

types of renewable resources (5) 

  • solar energy 
  • wind energy 
  • hydropower
  • geothermal energy 
  • biomass energy 

1.2 the factors of production

define solar energy 

solar energy is radiant light and heat from the sun that is harnessed




1.2 the factors of production

define free goods

free goods are items we may need or want that are without limit 

1.2 the factors of production

define consumption 

consumption is the using up of goods and services to satisfy consumer needs and wants 

1.2 the factors of production

define consumer good

a consumer good is an economic good that satisfies an immediate consumers need or want 

1.2 the factors of production

define capital goods 

capital goods are human-made resources used in the production of other goods and services 

1.2 the factors of production

define capital 

the money invested in capital goods by a firm is called capital 

1.2 the factors of production

define geographically immobile workers 

geographically immobile workers are reluctant to move to jobs in different locations because of family ties or because moving can be expensive 

1.2 the factors of production

increasing quantity of land (5) 

  • an increase in rent may persuade more landowners to release their land into productive resources
  • new discoveries of natural resources and new equipment and techniques can improve the amount it is possible to extract 
  • making use of other unused natural resources
  • planting more trees and plant 
  • recycling and re-using durable consumer goods and capital goods that we no longer use or want 

1.2 the factors of production

increasing quantity of labour (3) 

  • an increase in wages may persuade more people to supply their labour to firms 
  • an increase in the working population age 
  • improvement in healthcare reduces the number of days people are absent from work 

1.2 the factors of production

increasing quantity of capital (2)

  • a decision by producers to produce more capital goods 
  • an increase in interest payments will increase the amount of capital investors are willing to supply to firms 

1.2 the factors of production

increasing quality of capital (1) 

  • advances in technology improves the speed and accuracy of modern equipment 

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