Factors of Production and Caribbean Industries
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Questions and Answers

What are the factors of production?

  • Land
  • Labour
  • Capital
  • Entrepreneur
  • All of the above (correct)
  • 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 __________.

    goods and services

    What is Capital?

    <p>Man-made resources such as machinery, equipment, vehicles, raw materials, and financial assets.</p> Signup and view all the answers

    What are some industries developed from natural resources in the Caribbean?

    <p>Petroleum industry, pottery making, alumina industry, lumber and timber industry, cement production.</p> Signup and view all the answers

    What is the formula for Labour Productivity?

    <p>Output / Number of employees</p> Signup and view all the answers

    Migration is only external, involving movement from one country to another.

    <p>False</p> Signup and view all the answers

    What is the effect of internal migration on rural areas?

    <p>Reduction in level of output</p> Signup and view all the answers

    What negative effect does external migration have on Caribbean countries?

    <p>Brain drain effect</p> Signup and view all the answers

    What is the role of an entrepreneur in production?

    <p>To organize the factors of production to create goods and services.</p> Signup and view all the answers

    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.

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