1.2.1 Production Flashcards
What are the four main factors of production?
Land, Labor, Capital, and Entrepreneurship.
True or False: Capital refers only to financial resources.
False.
Fill in the blank: The _____ sector involves the extraction and harvesting of natural resources.
Primary
Which sector of the economy focuses on manufacturing and construction?
Secondary sector.
Multiple Choice: Which factor of production is primarily responsible for innovation and risk-taking?
C) Entrepreneurship
What is the primary role of the tertiary sector?
To provide services to consumers and businesses.
True or False: The importance of the primary sector has decreased in developed countries.
True.
Fill in the blank: The _____ sector includes industries such as education, healthcare, and finance.
Tertiary
What is a key characteristic of the quaternary sector?
It involves knowledge-based activities including research and development.
Multiple Choice: Which of the following is NOT a factor of production?
D) Government
How has globalization affected the importance of different sectors?
It has increased the significance of the tertiary and quaternary sectors.
What is the definition of ‘Labor’ in the context of factors of production?
The human effort used in the production of goods and services.
True or False: The secondary sector is the largest sector in all economies.
False.
Fill in the blank: The _____ sector is characterized by the processing of raw materials into finished goods.
Secondary
What drives changes in the importance of economic sectors?
Technological advancements, consumer preferences, and globalization.
Multiple Choice: Which sector is most likely to employ highly skilled workers?
A) Quaternary sector
What is the impact of technological change on the labor force?
It can lead to the displacement of certain jobs while creating new opportunities.
True or False: All economies have the same distribution of sectors.
False.
Fill in the blank: The _____ sector includes activities that involve the use of technology and information.
Quaternary
What does the term ‘entrepreneurship’ encompass?
The ability to combine resources to create new products or services while assuming risk.
