RESOURCES USED IN PRODUCTION Flashcards
What is Labour?
Labour is the ability to work, whether physical or mental, used in the production of goods and services.
What is Production?
This is the process of making or
manufacturing items from raw
materials.
What is Natural Resources?
A natural resource is anything that
people can use which comes from the
natural environment.
What are Goods?
Goods are items that are tangible and
Services refer to activities provided by
other people.
What are FACTORS OF PRODUCTION?
*Land
*Labour
*Capital
*ENTREPRENEURSHIP/ENTERPRISING
What is land?
Land, as a factor of production, includes not only the physical land but also all natural resources found on and beneath the earth’s surface, such as mineral deposits, rivers, and lakes.
What is Labour?
Labour, including all human resources, is categorized as unskilled, semi-skilled, skilled, or professional workers, and represents the human effort used in the production of goods and services.
What is Capital?
Capital, including all man-made resources, consists of tools, equipment, machinery, vehicles, and buildings created by human efforts and used by producers to generate other goods and services.
What is ENTREPRENEURSHIP/ENTERPRISING?
Entrepreneurship involves the creative decision-making, risk-taking, and coordination of all factors of production—land, labour, and capital—to start an enterprise and produce goods and services.
List some CATEGORIES OF WORKERS?
*SKILLED/PROFESSIONAL
*SEMI-SKILLED
*UNSKILLED
What is SKILLED/PROFESSIONAL?
The skills required may have been
developed through specialized training or
developed on the job.
List some examples of skilled professions?
Teachers,doctors, nurses, lawyers, engineers,architects.
What is SEMI-SKILLED?
These workers need to get further
training to be able to perform the task
really well.
List some examples of SEMI-SKILLED?
A practical nurse or a Nurse’s aide in a hospital.
What is UNSKILLED?
There is no special ability required to
perform these tasks.
