Podcast
Questions and Answers
Which factor of production encompasses the natural resources and geographical location essential for creating goods and services?
Which factor of production encompasses the natural resources and geographical location essential for creating goods and services?
- Enterprise
- Labor
- Land (correct)
- Capital
In a traditional economy heavily reliant on agriculture, which of the following is most likely to significantly influence economic activity?
In a traditional economy heavily reliant on agriculture, which of the following is most likely to significantly influence economic activity?
- The level of industrial automation.
- Fluctuations in commodity prices for agricultural products. (correct)
- Government regulation of technology companies.
- Changes in international currency exchange rates.
Which factor of production is best described as the real, physical assets that aid in the production process?
Which factor of production is best described as the real, physical assets that aid in the production process?
- Capital (correct)
- Land
- Labor
- Enterprise
How does the concept of scarcity primarily affect economic production?
How does the concept of scarcity primarily affect economic production?
Which factor distinguishes 'enterprise' from other factors of production (labor, land, and capital)?
Which factor distinguishes 'enterprise' from other factors of production (labor, land, and capital)?
Flashcards
What is Production?
What is Production?
The creation of goods and services.
What is Labor?
What is Labor?
Human effort applied to production.
What is Land?
What is Land?
Natural resources and location involved in production.
What is Capital?
What is Capital?
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What is Enterprise?
What is Enterprise?
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Study Notes
- Resources of production make resources the company uses or resources naturally occurring which we can use.
- Define resources of production in details:
- Resources of production is goods and services.
- Resources of production is what companies or countries use to increase their income.
Question #1: Identify five resources for the production of goods and services
- Five resources for production include:
- Resources of production.
- Production: the creation of goods and services, which creates and earns income.
- Labor: The human resource (workers and bosses)
- Land: Natural resources (all-natural)
- Capital: Both Physical tools and assets to run the business
- Finance: Ideas that start and build
Question #2: Identify and analyze the steps for the natural resources of Caribbean economies
- Caribbean economies determine four important questions about scarcity
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Description
Resources of production include goods, services, labor, land, capital, and finance, which companies use to increase their income. Businesses determine important questions about scarcity when deciding on production resources. These resources drive the creation of goods and services, creating income.
