1.2.1 production

Question 1

Factors of production

Answer 1

The resources that are required to produce goods and services (CELL)

Question 2

Capital

Answer 2

Goods used to produce other goods (vehicles, machinery, infrastructure, etc.)

Question 3

Enterprise

Answer 3

Skill of organising the other factors of production (entrepreneurs)

Question 4

Land

Answer 4

Natural resources (agricultural land, wood, gold, water, oil, etc.)

Question 5

Labour

Answer 5

Human resources/people used on production (factory workers, teachers, artists, engineers, etc.)

Question 6

Sectors of economy

Answer 6

The 3 main sectors of economic activity (primary, secondary, tertiary)

Question 7

Primary sector

Answer 7

Involves economic activity that extracts raw materials from the earth (agriculture, fishing, forestry, mining, etc.)

Question 8

Secondary sector

Answer 8

Involves economic activity when raw materials are converted to manufactured goods (car production, energy utilities, food, construction, etc.)

Question 9

Tertiary sector

Answer 9

Involves the provision/production of services (education, healthcare, financial, transport, household, leisure, commercial, etc.)

Question 10

Capital intensive

Answer 10

Production that relies more heavily on machinery relative to labour

Question 11

Labour intensive

Answer 11

Production that relies more heavily on labour relative to machinery