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Econ > Factors Of Production > Flashcards

Factors Of Production Flashcards

1
Q

What is capital?

A

Goods used to produce more goods

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2
Q

Is money classified as capital?

A

No, capital refers to man-made goods used in production

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3
Q

Can a truck be classified as capital?

A

Yes, if used to produce goods

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4
Q

What is labour?

A

The human factor in the production process

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5
Q

What are the characteristics of labour?

A
  • Human factor
  • Only the worker can sell their services
  • Cannot be stored
  • More mobile than land
  • Not homogeneous
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6
Q

What is geographical mobility?

A

Ease of movement from one place to another

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7
Q

What is occupational mobility?

A

Ease of changing the use or occupation of a factor of production

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8
Q

Is land geographically mobile?

A

No, land is geographically immobile

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9
Q

Does land have a cost of production?

A

No, land itself has no cost of production

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10
Q

Is land in fixed supply?

A

Yes, the amount of land on Earth is fixed

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11
Q

What is the definition of land in the context of factors of production?

A

All naturally occurring free gifts of nature

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12
Q

What are the different types of land?

A
  • Land on earth’s surface
  • Land above ground
  • Seas and rivers
  • Resources beneath the earth
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13
Q

What is the definition of entrepreneurship?

A

The risks involved in organizing the other factors of production

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14
Q

What is investment in economic terms?

A

The purchase of capital goods

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15
Q

What is working capital?

A

Raw materials and intermediate goods used in production

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16
Q

What is fixed capital?

A

Factories and machinery used in production

17
Q

What is social capital?

A

Infrastructure provided by the government

18
Q

What is human capital?

A

People’s abilities, knowledge, and skills

19
Q

What is capital accumulation?

A

Increase in the capital stock of a country

20
Q

What are the two main functions of an entrepreneur?

A
  • Combine factors of production
  • Bear the risk of production
21
Q

What is the labour force?

A

The number of people willing to work in the economy

22
Q

What are the four factors of production?

A
  • Land
  • Labour
  • Capital
  • Entrepreneurship
23
Q

The supply of labour is dependent on which factors?

A
  • Size of the population
  • Proportion willing to work
  • Number of hours worked
24
Q

Fill in the blank: Labour represents ______ in the production process.

A

man

25
Q

True or False: The supply of labour increases with overtime.

A

True

26
Q

What is productivity?

A

The efficiency of production

27
Q

What is the difference between production and productivity?

A

Production is the act of creating goods; productivity measures efficiency

Econ (4 decks)

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