Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Ecos Gr 11 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What are the four Factors of Production?

A

Labour, Entrepreneurship, Captial and Natural resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Def: Natural Resources

A

All means made available by nture to be used as inputs in the production process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Def: Economic goods

A

the resources that are scarce and that people are willing to pay for

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Def. Free goods

A

Those natural resources that are freely available in nature

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The characteristics of natural resources

A

Natural resources are scarce
Natural resources have a price
Uneven distribution of natural resources
Adding value to natural resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The importance of natural resources

A

To serve as a source of food
To serve as inputs for the production of goods and services
To provide opportunities for international trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The economic significance of natural resources

A

Agriculture, forestry and fisheries
Minings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Remuneration of natural resources

A

Rent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Def. Labour

A

includes all the work done by people, whether they are skilled or unskilled and whether they provide physical or mental (thinking) work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Def.In-service training

A

Training that takes place while a person is already employed and doing a job

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The classification of labour

A

higher level (skilled), intermediate level (semi-skilled) lower level (unskilled).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The characteristics of labour

A

Income as a goal
Its part of its owner
Not storable
Supply cannot suddenly increase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The economic significance of labour

A

They need the right number of skilled and semi-skilled workers.
The shortage of skilled labour is a very serious matter which we suffer from
Many South African businesses are labour intensive, so labour costs make up a big part production costs. The productivity of the labour force determines the speed with which goods are produced, the quality and the cost of the output.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Remuneration for labour

A

Nominal wages
Real wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Def. nominal wage

A

the amount that the worker receives each day, week or at the end of the month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

real wage

A

the amount of goods and services that a person can buy with the nominal wage

17
Q

Def. Capital

A

the money invested in machines and equipment that will be used in the production process to change the form of materials into useful goods and services

18
Q

Def. Money capital

A

money to buy capital goods is called money capital

19
Q

Def. Real capital

A

the actual tools and machinery bought with money capital to use in the production process to manufacture useful goods and service

20
Q

Def. Fixed capital

A

the land and buildings, vehicles, equipment and furniture

21
Q

Def. Durable goods

A

can be used more than once in the production process

21
Q

Def. Floating capital

A

raw material used only in the production process

21
Q

Def. Non-Durable goods

A

can only be used once in the production proces

22
Q

What are the characteristics of capital

A

Capital goods are made by people
Machines wear out
Money capital can be changed to any type of capital
oney capital can be changed to any type of capital
Capital is expensive

23
Q

The functions of capital

A

Provides tools to add form utility
Makes mass production possible
Improves the quality of products
Makes standardisation possible
Makes selling on credit possible

24
Q

Def. Entrepreneurship

A

the entrepreneur organises or employs natural resources, capital and labour into a profitable business to produce useful goods and services to satisfy the needs and wants of the consumer

25
Q

The importance of entrepreneurship

A

Combines the other factors of production
Demonstrates initiative
Takes risks
Makes decisions

26
Q

The economic significance of entrepreneurship

A

The formal sector cannot provide employment to all of South Africa’s population

27
Q

Def. Profit

A

the remuneration that the entrepreneur receives for taking the risk to run a business

28
Q

Def. Gross Profit

A

the difference between sales and the cost of sales

29
Q

Def. Net Profit

A

gross profit plus all other income minus all expenses the business had to pay to keep it running

30
Q

Def. Marginalised groups

A

are seen as worse off compared to the rest of the population in terms of access to income and non-income (basic products and essential services)

31
Q

SETAS

A

Sector Education and Training Authorities provide in the training needs of the country

32
Q

Def Procurement

A

purchasing of goods or services

33
Q

Broad-Based Black Economic Empowerment (B-BBEE)

A

a form of economic empowerment initiated by the South African government with the goal to distribute wealth across as broad a spectrum of South African society as possible

34
Q
A

Ecos Gr 11 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions