Chapter 5

Question 1

What are the 6 factors of production and explain?

Answer 1

1. Natural resources (items in their unprocessed state)
2. Raw material (anything used to make other goods)
3. Labour (the physical and mental work needed to produce goods or services)
4. Capital (the money invested in the business)
5. Information (data about new technology, customers, competition, political conditions, and sources of supply that help a business makes decisions)
6. Management (those who control the other factors of production)

Question 2

What are the six primary industry? List an example for each.

Answer 2

1. Agriculture (canned corn)
2. Fishing and trapping(canned salmon)
3. Mining (tin can)
4. Water (bottled water)
5. Fuel and energy (gas)
6. Logging and forestry (newspaper) l

Question 3

List 5 capital goods that a wheat farmer might need.

Answer 3

1. Tractors
2. Barn
3. Seeds
4. Fertilizer
5. Plow

Question 4

What are the 4 stages of production process

Answer 4

1. Purchasing
2. Processing
3. Quality control
4. Grading

Question 5

What are the 4 types of training.

Answer 5

1. Initial (new employees)
2. Ongoing training (for new processes or new equipment)
3. Retraining(going to a different job within the company)
4. Specialized( for existing employees to upgrade skills)

Question 6

List products that are graded

Answer 6

Apples
Chicken
Gems

Question 7

What are intellectual property’s

Answer 7

Includes trademarks computing and song lyrics

Question 8

Example of capital goods

Answer 8

Delivery van
Cash register
Inventory

Question 9

What is professional development.

Answer 9

The Canadian gift and tableware association spring show.

Question 10

What is a primary industry

Answer 10

Info Ld