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What is Production?
Production refers to the process and methods of growing or changing raw materials and making goods or services that can be used or sold to satisfy the needs and wants of people and businesses.
Differentiate between Production and Productivity.
Production is the process of combing units of input and human resources to create goods and services to satisfy human wants and needs while Productivity is the increase in output from each unit it the production process.
Define the term 'Capital'.
Capital is the money invested in a business in order to acquire the assets which the business needs to produce or trade.
Needs are things that are essential to human survival. State the 3 primary needs:
1. Food
2. Clothing
3. Shelter
In which Caribbean country can you find Bauxite?
Guyana and Jamaica.
labor is classified into four groups. What are they?
1. Skilled
2. Unskilled
3. Semi-skilled
4. Managerial and Professional
Land
Labor
Capital
Enterprise/ Entrepreneurship
State four examples of a Skilled worker.
Mechanic,
Electricians
Plumbers
Carpenter
Differentiate between Fixed and Working Capital.
Fixed Capital are items that are long term in a business. For example, Buildings, Machinery, etc.
Working Capital is the firm's short-term assets that are turned over fairly quickly in the course of business activity. For example, Cash, Bank, Stock of Raw Materials.
What are the three types of capital?
Venture, Fixed and Working Capital
Who is an entrepreneur?
An entrepreneur is a person who starts his or her own business.
In which Caribbean Country can you find Natural Gas?
Trinidad and Tobago
What is a Venture Capital?
Venture Capital (sometimes referred to as start-up capital) refers to money used to finance new businesses.
Differentiate between Input and Output.
Input are what a business puts into production process.
Outcome is the level of performance or achievement the business has gained as a results if its activities
State four examples of Managerial and Professional Skills
1. Teacher
2. Doctor
3. Lawyer
4. Nurse