1
How many factors of production do we distinguish?
4
Name 4 factors of productions.
land (nature)
labour
capital
enterpreneurship
What type of production does a CONSUMER DURABLES belong to?
Batch production
In batch production, does the manufacturer have to know the number of units to be produced?
YES
Where can we see production?
Factory, hospital, office etc.
Land as a factor. Explain.
Natural resources.
What production method will we use for tailor-made suits and musical instruments?
job-type or unit production
Give an example of FMCG.
bread, toilet paper, food...
Give an example of output.
Finished products, services
Labour as a factor. Give an example.
Particular job such as: worker, teacher etc.
What production method will we use for baking bread or manufacturing a refrigerator?
batch type production
How do we distinguish between FMCG and consumer durables?
By how long they last in the household. Consumer durables usually last longer than 5 years.
Raw material, capital, energy, information.
What do you think? Is it an example of input or output?
Input
Capital as a factor of production. Give an example.
factory, car, shovel, sewing machine etc.
What type of production is it when a person works with a machine? They often work on an assembly line.
Mass production
Is moneya factor of production?
No. Money is not directly involved with the production.
What is production?
Production is a process of value addition. Transformation of input into output
Explain enterpreneurship as a factor.
Combines all factors together.
What type of production is it when the work is mostly done by machines?
Continuous production. 24/7
FMCG. What is the meaning?
fast moving consumer goods