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Business > Production, Producers, Resources > Flashcards

Production, Producers, Resources Flashcards

1
Q

Defines Needs

A

Needs are something essential for survival.

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2
Q

Example of Needs

A

Food, water, shelter

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3
Q

Define Wants

A

Wants are something desired but not essential for survival.

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4
Q

Define Goods

A

Goods are tangible items that satisfy a need or want.

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5
Q

Examples of Wants

A

Ipad, designer clothes, junk food

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6
Q

Examples of Goods

A

Shoes, ipads, pens

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7
Q

Define Consumers

A

Consumers are people who buy or use goods or services.

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8
Q

Examples of Consumers

A

Us

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9
Q

Define Producers

A

Producers are people who make goods or provide services.

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10
Q

Examples of Producers

A

McDonalds, KFC, Fonterra

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11
Q

Define Natural Resources

A

Natural Resources are resources provided by nature.

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12
Q

Examples of Natural Resources

A

Water, soil, plants

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13
Q

Define Renewable Resources

A

Renewable Resources are natural resources that can regenerate/regrow in a reasonable time frame.

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14
Q

Examples of Renewables Resources

A

Wind, sun, water

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15
Q

Define Nonrenewable Resources

A

Non Renewable Resources are natural resources that cannot regenerate/regrow in a reasonable time frame.

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15
Q

Examples of Nonrenewable Resources

A

Coal, gold

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15
Q

Define Capital Resources

A

Capital Resources are man made resources used in the production process

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15
Q

Examples of Capital Resources

A

Factories, machines

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15
Q

Define Labour Resources

A

Labour Resources are workers used in the production process.

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15
Q

Define Labour Intensive

A

Labour intensive is where a production process has more workers than machines.

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16
Q

Define Capital Intensive

A

Capital Intensive is where a production process has more machines than workers.

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17
Q

Advantages of Labour Intensive

A

Personal touch, new skills

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18
Q

Disadvantages of Capital Intensive

A

High initial cost, needs to be maintained, no personal touch, causes unemployment, can only do the job it is designed to do

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18
Q

Disadvantages of Labour Intensive

A

Sick days, high wages

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19
Q

Advantages of Capital Intensive

A

Can work 24/7, no breaks, consistent quality, higher productivity, accurate, precise, can do unpleasant and dangerous work

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20
Q

Define Primary Sector

A

Primary Sector represents firms that extract natural resources.

21
Q

Examples of Primary Sector

A

Farming, fishing

22
Q

Define Secondary Sector

A

Secondary Sector represents firms that process resources into finished or semi-finished goods

23
Q

Examples of Secondary Sector

A

Manufacturing

24
Q

Define Tertiary Sector

A

Tertiary sector represents firms that provide backup service

25
Q

Examples of Tertiary Sector

A

Banking, travelling

26
Q

Define Dependence

A

Dependence is when a person or group relies on another person or group ( a one-way relationship of need ).

27
Q

Define Independence

A

Independence is when a person or group does not rely on another person or group ( no relationship of need )

28
Q

Define Interdependence

A

Interdependence is when two people or groups rely on each other ( a mutual relationship of need )

29
Q

Define Productivity

A

Productivity measures the rate or output to show the efficiency of the production process.

30
Q

Give Productivity equation

A

Productivity = output / input

31
Q

Define Production

A

Production is creating goods or services. Involves inputs, processing, and outputs.

32
Q

Define the Level of Production

A

Level of Production means the quantity of the output.

33
Q

Define the Level of Productivity

A

Level of Productivity means the rate of output, which shows the efficiency of the production process.

34
Q

Define Increase in Productivity

A

Increase in Productivity means the same number of resources (labour) has produced more output ( or the same output level has been achieved with fewer workers )

35
Q

Define Improving Productivity

A

Productivity can be improved with technology, specialisation, and division of labour.

36
Q

Define Technology

A

New machines/innovations use resources more efficiently. Productivity increases as machines are faster.

37
Q

Examples of Technology

A

A chainsaw is faster than an axe. Typing is faster than writing

38
Q

Define Specialisation

A

Specialisation is when a firm concentrates on the production of one good/service that they do best. Workers can become more skillful and efficient.

39
Q

Examples of Specialisation

A

A shoe store only sells shoes. Burgerfuel only sells burgers

40
Q

Advantages of Specialisation

A

Level of Production increases, develop expertise, efficiency

41
Q

Disadvantages of Specialisation

A

Increased cost, quality decrease, boredom

42
Q

Define Division of Labour

A

Division of Labour is the process of splitting a large job into smaller tasks. Improve skill and efficiency.

43
Q

Examples of Division of Labour

A

When making a burger it can be divided into bread, meat, cheese, sauce, then bread again.

44
Q

Profit equation

A

Profit = Revenue - Cost

45
Q

Give Production Process Diagram

A

Resources (inputs) → Production Process → Goods and Services
( outputs )

46
Q

Examples of Resources ( input )

A

Capital, Enterprise, Land, Labour. CELL

47
Q

Examples of Production Process

A

Agriculture, manufacturing, construction, retailing

48
Q

Examples of Goods and Services
( output )

A

Grain, goods, buildings, hairdressing services

49
Q

Types of Production

A

Primary Production, Secondary Production, and Tertiary Production

50
Q

Define Primary Production

A

Primary Production extracts raw materials.

51
Q

Define Secondary Production

A

Secondary Production processes raw materials.

52
Q

Define Tertiary Production

A

Tertiary Production produces services.

53
Q

Examples of Primary Production

A

Farming, fishing, forestry, horticulture, mining

54
Q

Examples of Secondary Production

A

Processing. manufacturing and assembly

55
Q

Examples of Tertiary Production

A

Travel and transport, Marketing, Finance and accounting, communication and retailing

56
Q

Circular Flow Diagram

A

. .→Consumer spending →
←Goods and Services←
Consumers Producers
→Resources→
←Income←

57
Q

Which two go together ( consumer spending, goods and services, resources,and income )

A

Consumer Spending → Income
Goods and services → Resources

Business (4 decks)

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