Factors of Production
The process of production adds 'this' to raw materials and other inputs by turning them into useful goods and services.
What is value?
This is another way to refer to Land.
What are natural resources?
This is another way to refer to Labour.
What is Human Resource?
This is another way to refer to Capital.
What are man-made resources?
This is another way to refer to Enterprise.
What is Entrepreneurship?
The factors of production are used to create goods and services. These goods and services are often referred to by this term.
What are outputs or products?
Land can be further subdivided into these two categories.
What are renewable and non-renewable resources?
People's contribution to the creation of goods and services can fall into two categories. These are _ and _.
What are physical and mental?
Capital goods such as machines, computers and other equipment help to improve "this" as without them the production of goods and services would be much slower or even impossible.
What is Productivity?
This is the entrepreneur's ability to establish and introduce new methods, ideas or products.
What is to innovate?
The factors of production are limited resources that are used to satisfy unlimited wants and needs. Unlimited wants and needs versus limited resources gives rise to the economic problem of _____.
What is scarcity?
This resource, found in both Jamaica and Guyana, is a principle component in aluminum.
What is Bauxite?
Labour can be divided into many skill levels. The skill level that requires high technical skills, the ability to lead subordinates, good communication and conceptual skills and high levels of education, experience and qualification is known as __.
What is Managerial and Professional Labour?
This term refers to a firm's short term assets that are used up fairly quickly in the production process.
What is Working Capital?
One of the key characteristics of entrepreneurs is their willingness to take 'this' in the creation of goods and services.
What is risk?
These are the payments or rewards that accrue to the factors of land and labour.
What are rent and wages?
Natural Gas can be found in these two Caribbean countries.
What are Barbados and Trinidad and Tobago?
A chef will be categorized at this skill level.
What is skilled?
This term describes goods that have long life and are used many times in the production of other goods and services without changing form.
what is Fixed Capital?
Entrepreneurs must possess this type of skill in order to successfully combine all the factors of production.
What are organizational skills?
These are the payments or rewards that accrue to capital and enterprise.
What are interest and profits?
Oil was recently discovered in this Caribbean country traditionally known for its vast forests, large waterfalls and mineral deposits of gold and diamonds.
What is Guyana?
During this Covid-19 Pandemic, garbage collectors are among our most essential workers. Their labour is classified at this level?
What is unskilled?
This term refers to money subscribed to finance new businesses and existing business activities that are deemed too risky to attract traditional funding.
What is Venture Capital?
This is the name of the government owned company in Trinidad that facilitates sustainable and competitive small and micro businesses in Trinidad and Tobago.
What is the National Entrepreneurship Development Company (NEDCO)?