Factors of Production
How many factors of production are there?
Four
This is another way to refer to Labour.
What is Human Resource?
This is the reward for enterprise?
What is profit?
FREE POINTS HERE
CONGRATULATIONS!
The converting of raw materials into finished or semi-finished goods
Production
These are needed by a business to provided goods and services.
Give the general name and name them individually.
Factors of production
Land, Labour, Capital, Enterprise / Entrepreneurship
Materials or substances occurring in nature which can be exploited for economic gain. Another way to refer to Land.
What are natural resources?
Building and machinery fall under which factor if production?
Capital
This Caribbean country is traditionally known for bauxite, limestone, yam, fish, cement, sun, sea, sand (including quarry sand) and blue mountain coffee.
What is Jamaica?
What is the formula for labour productivity?
Productivity =
Output ( goods produced)
Input ( number of workers)
Water, oil and coal would fall under which of the factors of production?
Land
Mankind's physical and mental contribution towards work or the creation of goods and services is known as....
Labour / Human Resource
What is the reward for capital?
Interest
Oil was recently discovered in this Caribbean country traditionally known for its vast forests, large waterfalls and mineral deposits of gold, diamonds and rice.
What is Guyana?
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?
Which factor of production is most critical in the extractive industry?
Land
These are the payments or rewards that accrue to the factors of land and labour.
What is rent? What are wages?
Another name of enterprise is ....
entrepreneurial Skills/ Entrepreneurship
Which natural resource is most needed for the Solar Energy industry?
The sun
FREE POINTS HERE
CONGRATULATION!
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?
During this Covid-19 Pandemic, garbage collectors are among our most essential workers. Their labour is classified at this level?
What is unskilled?
Entrepreneurs must possess this type of skill in order to successfully combine all the factors of production.
What are organizational skills?
This resource, found in both Jamaica and Guyana, is a principle component for aluminum for the production of can, foils, pots and pans.
What is Bauxite?
If a company is highly supportive of its workers, provides many incentive, and offers lots of praise then they are trying to improve productivity by
Motivation