Factors of Production — Important Questions

Any asset, whether physical or financial, used to produce goods and services

Capital includes money and also human-made assets such as machinery, tools, equipment and buildings used in production.

A person who comes up with an idea, takes risks, gathers other factors of production and works hard to make the business successful

Entrepreneurship means starting a business or creating something new to solve a problem. An entrepreneur combines resources and takes risks.

Ability to do more in a particular time period

Productivity means doing more work or producing more output in a given time.

Percentage of people aged 15 and above who can read and write with understanding a short, simple statement about their everyday life

Adult literacy rate is defined as the percentage of people aged 15 and above who can read and write with understanding a short, simple statement.