Economics·Economic systems & resources · NSSCO 1.2
Economic systems & the factors of production
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Every country makes things using the same four ingredients — the factors of production: land, labour, capital and enterprise. In this lesson we meet each one, learn the special reward it earns, and see it at work in Namibia. Then we ask the next big question: who decides how those scarce factors are shared out? We compare the three economic systems — the market, the planned and the mixed economy — weighing the merits and demerits of each. Finally we evaluate them and discover why Namibia, like most of the world, chooses to be a mixed economy.
What you'll learn in this lesson
By the end you should be able to (NSSCO Economics 1.2):
- Describe the factors of production (land, labour, capital, entrepreneurship)
- Explain the allocation of resources in market, planned and mixed economic systems
- Evaluate the merits and effectiveness of different economic systems
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Miss Hilma and Mike talk through the whole topic — with the figure and working drawn live.