Inputs and Outputs Flashcards
1
Q
What are the four groups and factors of production?
A
Natural resources, labour, capital and entrepreneurs.
2
Q
Give seven examples of natural resources.
A
Land Air Water Minerals Animals Plants Wind
3
Q
Fill in the missing word:
____ describes the people involved in the production process.
A
Labour.
4
Q
Fill in the missing word:
Labour refers to the ____ and ____ effort that people provide to produce good and services.
A
Physical and Mental.
5
Q
What is the human part of any production process classified as?
A
Labour
6
Q
Name the two kinds of outputs.
A
Goods and services.
7
Q
Fill in the missing word:
Goods are all the ____ products that are made and sold by a ____. We say that goods are ____ because they can be touched and owned.
A
Physical, business and tangible.
