Production Factor Flashcards
What are the 4 types of Production Factors?
- Entrepreneur
- Labor
- Land and natural resources
- Capital
Who are the 4 that is present in Production Factor?
- Household
- Firms
- Government
- Foreign Markets
What is the formula to get the GDP?
Quality of Product x Price of Product
What does GDP Stand for?
Gross Domestic Product
In the 4 types of the Production Factor, what do we get from them?
- Profit
- Wage
- Rent
- Interest
What is the difference between goods and services?
Goods are tangible goods like items we can use. While, Service are intangible goods
What are the 4 Different Departments?
- Sales Department
- Production Department
- Financial Department
- Human Resource Department
It is an Entrepreneur who sets up a company and invest in it.
Investor
In the production life cycle, what do you call the stage where it starts from 0?
Introduction Stage
In the production life cycle, what stage is called when the quality and the cost/sale are in a fixed rate and is starting to either decline or increase more?
Maturity Stage
They are given a percentage of the invested amount they purchased
Share Holders
They are in charge and they set the organization structure
Managing Director
What are the things you can do with the digital economy?
- E - commerce
- E - Shopping
- E - Payment
What produce and sells products ?
Company
In the production life cycle, what do you call the stage where the quality and cost are declining or decreasing?
Decline Stage
