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Factors of Production Flashcards | StudBud
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Factors of Production
Process based division of labour is
What is capital?
Factors of Production
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1
What is capital?
industries taking something out of the earth or sea
raw materials that do not become part of a new product
money invested in a business
hire another company to perform a task
2
Process based division of labour is
complicated
complex
mixed
simple
3
Land, a factor of production, includes all of the following
EXCEPT:
All materials found in environment needed to produce Good and services
Tangible Assets used to refine Oil
Non-Renewable Resources
Renewable Resources
4
Division of labor means all the following EXCEPT
one worker does only one operation
specialization in work
right man for the right job
division of the work into different process.
5
labour is
perishable
direct demand
immobile
passive factor
6
Labour resources...
are people that provide their skills and knowledge
are government regulated
are tools and machinery that are used for the business
are people and objects that are needed
7
Which of the following is an example of division of labor?
One of worker works and other one relaxes.
One employee designs, builds, tests and installs fire alarms
One worker takes photos while another designs a logo.
One employee makes the dough, sauce and toppings for pizza.
8
What is not an attribute of an entrepreneur?
lacks vision
Risk taker
Enthusiastic
Organised
9
All are characteristics of capital except
mobile factor
man-made
active factor
durable
10
Which is a characteristic of a successful entrepreneur?
Responsible
Greediness
unorganised
Laziness
11
What is the difference between Land and Labour as factors of productions?
Land is remunerated in profit and Labour in interest.
Land is active factor and labour is passive factor of production.
Land is a variable asset and labour is a fixed asset.
Land is a fixed and labour is mobile
12
How does division of labor increase productivity?
Workers become experts at one task
Workers move often from one job to another
Workers require lot of training
Workers can be paid a lower wage
13
Which of these is not an advantage of division of labour?
Workers become experts at their task or job
Quicker and easier to train workers as fewer skills needed
Less time is wasted moving from task to task
Workers can become bored and unmotivated
14
What are the Factors of Production?
Land, Labour, Capital and Enterprise
Capital, Land, Labour and Jobs
Goods and Services
Work, Land, Labour and Inflation
15
An entrepreneur is...
Someone runs the business.
Someone who only supervises the business.
Someone who sets up a business
Someone who sets up a business taking financial risks to try n make profit
