Examo
About

© 2026 Examo. Free IGCSE revision built around the mark scheme.

About
  • Home
  • Practice
  • Flashcards
  • Saved
HomeeconomicsFactors of Production
0455

Factors of Production

Basic Economic Problem · 3 question types

PractiseFlashcards
Download PDF

0455 Topics

Scarcity, Choice & Opportunity Cost14%
Factors of Production6%
  1. What the Factors of Production Are
  2. The Four Factors in Detail
  3. The Four Rewards at a Glance
  4. All Four Factors in One Product
  5. Capital vs Money: the Most Common Slip
  6. Changes in the Quantity and Quality of Factors
Production Possibility Curves10%

Frequency legend

High (≥14%)
Above avg (10 to 13%)
Average (<10%)

Exam Frequency Analysis

Past paper frequency (2018 to 2024)

This topic accounts for approximately 6% of your exam marks.

stable
Low
Stable6%

Four factors and their rewards appear occasionally; usually 2 to 4 marks when tested, not on every paper.

The factors of production are the inputs an economy uses to make every good and every service. There are exactly four: , , and . Every good or service draws on some combination of all four.

Two quick definitions used throughout this topic.

  • A good is a physical, tangible product (a phone, a loaf of bread, a chair).
  • A service is an action one person performs for another (a haircut, a doctor's appointment, a delivery).

Both goods and services are produced by combining the four factors.