Labour
What are the three types of labour?
Semi skilled
Skilled
Managerial
What is Land
The natural resources that are taken from the Earth
What is Capital
Money that is invested in the business to acquire assets the business needs
What is Enterprise
Innovative and ability to create ideas. Bosses and Executives who have special skills to organise the business such as produce fresh ideas and new techniques
What are the three types of production?
What is primary, secondary and tertiary production
What are Wages
The income earned from labour
What are some natural resources of the Caribbean
Oil, natural gas, gold , diamonds, clay, limestones, sand, bauxite, silicon
What are the two types of capital
Fixed and working capital
What is Profit (in factors of production terms)
The reward for the risk entrepreneurs take
What are they referred to?
What is the chain of command
What is the labour force
All persons who have reached the age for work according to law
Can be employed or unemployed
What is a natural resource
Substance found in nature that could be exploited for economic gain
All resources found in the earth and sea
Is venture capital the same thing as start up capital ?
Yes
Some jobs of the entrepreneur is to provide funding, organise factors or production and come up with new ideas for the business? True or false?
True.
Primary production involves extracting raw materials. Name two
What is bauxite, gold, diamonds, fishing
Define factors of production
The resources used in the production of goods and services
Is the climate a natural resource?
Yes. It helps promote the tourist industry as well as contribute to agriculture
Define fixed capital
Long term assets such as buildings, machinery, tools etc
The entrepreneur must bring together which resources for a business to succeed?
Natural resources, human resources, capital and entrepreneurial ability
Give an example using the three types of production
Farmer grows 🥕.... Manufacture cans 🥕.... Retailer sells 🥕