Ask four questions

relating to the four factors of production of a

bicycle. Identify each factor of production.

The four factors of production are capital, land, labour and entrepreneurship. The factors of production are the resources that people use in order to produce goods and services.

Land refers to the physical land, as well as the natural resources, required to create a good. In the case of the bike, this would include the raw materials that were used in production. A question could be: "where did the steel that makes the bike frame come from?"

Labor refers to effort that people have to put in in order to produce the good. This usually refers to workers. An example of a question would be: "how many people work at the bike factory?"

Capital refers to the money and equipment used to produce the good. A question in the case of the bike would be: "who owns the machines in the factory?"

Finally, entrepreneurship is the aspect that combines all these factors in order to produce the good and earn a profit. An example of a question would be: "who designs these bikes?"