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Factors of Production: Land, Labour & Enterprise Flashcards | StudBud
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Factors of Production: Land, Labour & Enterprise
Factors of Production: Land, Labour & Enterprise
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A revision of FOPs
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Why are profits important in a market economy?
Gives bonuses to employees
Continuity of Production
Pays for entrepreneurs expensive lifestyles
2
Which is these is a non-insurable risk?
Accidents to members of staff
Theft
Fire
Bad-decision making
3
Which of these types of unemployment is not a cause of concern for the government?
Cyclical
Seasonal
Fricitional
Structural
4
In the production process what is meant by weight losing?
Finished product is more fragile than the raw material used
Raw material used is more bulky than the final product
5
Which of these is not a factor that influences the elasticity of demand for labour?
Substitutability of labour
Level of training of employee
Productivity of labour
6
What is meant by 'return is residual'?
Return is received first before other FOPs
Return is guaranteed
Return is received after all other FOPs have been paid
7
What is meant by wage drift?
When minimum wage varies between countries
The difference in wage levels between different occupations
When wages rise above the negotiated levels
8
What is meant by Economic Rent?
Any payment of rent for land
Any payment made above its supply price
9
What is meant by the participation rate?
The number of people willing to work
The number of people currently working
10
What would cause the demand curve for labour to take this shape? Workers....
Supply has decreased due to a change in minimum wage
Substitute work for more leisure time
Feel that after-tax pay is not worth the increased effort
Wages decrease when they reach a certain amount of hours
11
Who are the risk-takers in a limited liability company?
CEO
Public
Shareholders
Employees
12
Which of these is not a factor when considering where to locate a factory?
Employees opinions
Labour and wage rates
Cost of land
Government influence
13
Which of these does not affect the supply of labour?
Employment perks
Number of hours worked
Size of population
Participation Rate
14
Which of these is not a factor that affects an individual firm's demand for labour?
Price of other factors of production
Employee's request for extra staff
Corporation tax
Government incentives
15
Which of these is not a factor that influences the price paid for land?
Government involvement
Road building
Public amenities
Business demand
16
Which of these is not an Economic characteristic of land?
Non-specific factor of production
Fixed in supply
Returns are fixed
Lack of mobility
17
What is the retirement age in Ireland?
67
66
65
64
18
The demand curve for labour goes in what direction....
Upward sloping from left to right
Downward sloping from left to right
Vertical
Horizontal
19
Which of these is not a factor which influences the MRP of labour?
Quality of the worker
Training of the worker
Wages of the worker
Productivity of the worker
20
Which of these not defined as land?
Climate
Buildings
Water
Coal
21
The demand for land is derived demand because.....
It is not confined to one specific use
Its supply is fixed
Its demand is directly affected by its price
It is sought for the goods it helps to produce
