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Questions and Answers
What describes capital in the context of production?
What describes capital in the context of production?
- Financial resources only that are used for investment.
- A type of labor used in manufacturing.
- All goods used for the production of other goods. (correct)
- Natural resources extracted for production purposes.
What is the role of entrepreneurship in the factors of production?
What is the role of entrepreneurship in the factors of production?
- It organizes the production process and generates profit. (correct)
- It primarily provides raw materials for manufacturing.
- It exclusively focuses on environmental conservation.
- It is responsible for financing capital goods.
Which of the following is included in the factors of production?
Which of the following is included in the factors of production?
- Goods and services provided by consumers.
- Imported goods used in production.
- Capital goods and entrepreneurship. (correct)
- Only natural resources and labor.
What is green GDP intended to measure?
What is green GDP intended to measure?
What do growth percentages indicate?
What do growth percentages indicate?
Flashcards
Capital
Capital
Goods used to make other goods, like machinery and materials.
Entrepreneurship
Entrepreneurship
Organising production for profit.
Factors of Production
Factors of Production
Resources used to produce goods and services (labour, entrepreneurship, capital and nature).
Green GDP
Green GDP
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GDP
GDP
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Study Notes
Capital
- Capital refers to goods used to produce other goods (machinery, materials)
- Capital can be financed through loans, with interest paid to the lender.
- Capital can also be leased, with rent paid to the lessor.
Entrepreneurship
- Entrepreneurship is a factor of production organizing production
- Entrepreneurs receive profit for their efforts.
Factors of Production
- Factors of production are the resources used to create goods:
- Labor
- Entrepreneurship
- Capital (goods)
- Nature (natural resources)
Green GDP
- Green GDP considers environmental impact alongside economic growth.
- It measures prosperity while considering natural resource conservation and environmental protection.
Gross Domestic Product (GDP)
- GDP represents the total value of internal production in a country.
Growth Percentages
- Growth percentages show the change in a variable from one year to the next.
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