top of page

Factors of Production in the Tourism Industry

Question

Explain factors of production used in the tourism industry.

Category:

Microeconomics

Frequently asked question

Preview Answer

I. 🍃Introduction
- Definition of the four factors of production
- Importance of understanding the factors of production

II. Labour
- Definition and explanation
- Examples of labour in the tourism industry
- Importance of labour in the tourism industry

III. Land
- Definition and explanation
- Examples of land in the tourism industry
- Importance of land in the tourism industry

IV. Capital
- Definition and explanation
- Examples of capital in the tourism industry
- Importance of capital in the tourism industry

V. Enterprise
- Definition and explanation
- Examples of enterprise in the tourism industry
- Importance of enterprise in the tourism industry

VI. Interdependence of the factors of production
- Explanation of how the factors of production work together in the tourism industry
- Importance of understanding the interdependence of the factors of production

VII. 👉Conclusion
- Recap of the four factors of production and their importance in the tourism industry
- Final thoughts on the significance of the factors of production in the tourism industry.

Ops... End of preview!

Already purchased Economics Study Pack subscription? Amazing! Click below

What's included 
 
✔️Full essay
✔️Tips
✔️Diagrams
✔️Marking Schemes
✔️Examiner's report

Economics Study Help
bottom of page