Podcast
Questions and Answers
What are the factors of production?
What are the factors of production?
- Land
- Labour
- Capital
- Entrepreneur
- All of the above (correct)
What is Labour categorized as?
What is Labour categorized as?
Skilled, semi-skilled, unskilled or professional workers.
The term 'factors of production' refers to the resources that are combined in the production process to create __________.
The term 'factors of production' refers to the resources that are combined in the production process to create __________.
goods and services
What is Capital?
What is Capital?
What are some industries developed from natural resources in the Caribbean?
What are some industries developed from natural resources in the Caribbean?
What is the formula for Labour Productivity?
What is the formula for Labour Productivity?
Migration is only external, involving movement from one country to another.
Migration is only external, involving movement from one country to another.
What is the effect of internal migration on rural areas?
What is the effect of internal migration on rural areas?
What negative effect does external migration have on Caribbean countries?
What negative effect does external migration have on Caribbean countries?
What is the role of an entrepreneur in production?
What is the role of an entrepreneur in production?
Study Notes
Factors of Production
- Resources combined in the production process to create goods and services
- Land: Natural resources used in production, e.g., soil, forests, minerals
- Labor: Human effort used in production, e.g., skills, knowledge, physical abilities
- Capital: Man-made resources used in production, e.g., machinery, tools, buildings
- Entrepreneurship: The initiative and risk-taking ability to combine land, labor, and capital in an efficient and profitable way
Labor
- Categorized as a factor of production
Capital
- Man-made resources used in production
- Examples: machinery, tools, buildings
Industries developed from Natural Resources in the Caribbean
- Agriculture: e.g., farming, fishing
- Tourism: e.g., beaches, tropical climate
- Mining: e.g., bauxite, oil
Labor Productivity
- Formula: Output / Labor Input
- Measures the efficiency of labor in producing goods or services
Internal Migration
- Movement of people within a country
- Can have a negative impact on rural areas, leading to depopulation and economic decline
External Migration
- Movement of people from one country to another
- Can have a negative impact on Caribbean countries, leading to a shortage of skilled workers and a drain on the workforce
Role of an Entrepreneur
- Combine land, labor, and capital
- Organize production
- Take the risk of starting a business
- Innovation: Developing new products or processes
- Create employment opportunities
- Contribute to economic growth
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Description
Explore the essential factors of production including land, labor, capital, and entrepreneurship. This quiz also examines how these factors influence industries developed from natural resources in the Caribbean, focusing on specific countries like Trinidad, Barbados, Jamaica, and Guyana.
