Chapter 14 Flashcards

1
Q

Factors of production

A

Resources used to produce goods and services, which include land, labour, capital and enterprise

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

Production

A

The process that involves converting resources into goods or services

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

Human Capital

A

Value of the workforce or an individual worker

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

Labour

A

People used on production

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

Working capital/ Circulating capital

A

Resources used up in production such as raw materials and components

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

Fixed capital

A

Stock of “Man made” resources, such as machines and tools, used to help make goods and services

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

Entrepreneurs

A

Individuals who organise the other factors of production and risk their own money in a business venture

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

Capital intensive

A

Production that relies more heavily on machinery relative to labour

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

Labour intensive

A

Production that relies more heavily on labour relative to machinery

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

Primary Sector

A

Production involving the extraction of raw materials

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

Secondary Sector

A

Production involving the processing of raw materials into finished and semi-finished goods

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

Tertiary Sector

A

Production of services in the economy

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

De-industrialisation

A

Decline in manufacturing

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