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POB > Section 5 > Flashcards

Section 5 Flashcards

1
Q

What is production

A

Production is described as the creation or manufacturing of good and services which satisfy human wants and needs. Production occurs when inputs are changed to outputs

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2
Q

What is productivity

A

Productivity can be described as how well a business uses its resources and can also correlate to a business’ efficiency.

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3
Q

What are the factors of production

A

Land
Labour
Capital
Enterprise

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4
Q

What is Land

A

Land can be described as resources found on, above or below the earth’s surface. Land becomes a factor of production when it is used to produce goods. The payment of Land is rent

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5
Q

What is Labour

A

Labour can be descibed as the human effort of any kind and an individual is involved in labour when they are employed in the production process. The payment of labour is salaries/wages

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6
Q

Define:
Skilled
Semi-Skilled
Unskilled

A

Skilled-Has training or ability in a particular field
Semi-skilled-Has limited training or ability in a particular field
Unskilled-Has no training and little to no ability

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7
Q

Whata are some factors affecting labour supply

A

Migration
Cultural Beliefs
Quality of Labour Force
Structure of Population
Economic Conditions
Mobility of Labour
Educational Policy

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8
Q

What is migration

A

Migration is the change of one’s home or place of abode

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9
Q

What are the two types of migration

A

Immigration- Foreigners arriving to live in a new country
Emmigration - Individuals leaving one’s country to live in another

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10
Q

What are some positive effects of migration

A

Labour shortages can be eased
Allows for use of unused resources
Immigrants tend to be young and willing to work
Brings in knowledge, capital and experience
More skills added

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11
Q

What are some negative effects of migration

A

Overpopulation
Countries which immigrants leave from experience labour shortages
More labour may force to reduce wages because of over supply
Immigrants may be unemployable and puts pressure on the economy

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12
Q

What can determine level of productivity

A

Level of education
Working conditions
Motivation levels
Health of work force
The amount and quality of capital
Attitude to work

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13
Q

What is capital

A

Capital is all money and other assets used in the production process

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14
Q

What is local/domestic production level

A

Local/Domestic production level uses local inputs(land,labour,capital,enterprise). It allows the country to use its own resources rather than importing from other countries

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15
Q

What is subsistence/traditional production level

A

Subsistence/traditional production level is where production is done for basic needs for survival, nothing more and nothing less.

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16
Q

What is surplus/export production level

A

Surplus/export production level is production done greater than the domestic needs of a country. This is mainly used by larger countries to earn more foreign exhange as well as to build better relationships with other countries.

17
Q

What is primary/extractive production

A

Primary production is the first stage of production and involves extraction of natural resources for example mining,agriculture etc.

18
Q

What is contruction production

A

Construction production refers to the creation of physical structures eg. buildings,roads,bridges.

19
Q

What is manufacturing production

A

Manufacturing production refers to the creaiton and assembly of components and finished products for sale

20
Q

What is tertiary/services production

A

Tertiary production is the final stage of production and is viewed as the link between the manufacturer and the consumer

21
Q

Define cottage industries

A

Cottage industries are small businesses or firms that produces goods or services with the use of simple technology. It is usually carried out at home

22
Q

What are linkage industries

A

Linkage industries are industries which link firms from different industries together. Therefore, the output of one firm is the input of another firm

23
Q

What are some features of cottage industries

A

Usually based at home
Labour intensive
Small capital is needed
Use of family members as labour
Usually sole trader,partnership or small family businesses
Use of simple tools and equipment
Profits put back into the business

24
Q

What are some characteristics of a small firm

A

Small capital
Uses small land
1-10 Persons employed
Small sales turnover
Simple Technology

25
Q

What are some advantages of a small firm

A

Provides employment
Increased competition for larger firms
Introduction of new products and ideas
Small firms are easy to start up

26
Q

What are some disadvantages of a small firm

A

Small firms easily affected by economic changes
Lack of resources at times
Lack of expertise and specialization in certain areas
Owners can find difficulty to gain financing

27
Q

How does a firm grow internally

A

Opening more outlets
Increasing capital
Employing more workers

28
Q

How does a firm grow externally

A

Mergers
Takeovers/aquisations
Join Ventures

29
Q

What are some advantages of linkage industries

A

Multi sector growth for the country
Encourages large scale production
Earns foreign exchange
Promotes innovation

30
Q

What are some industries developed from natural resources of the caribbean

A

Electricity
Mining
Roads Building
Lumber
Petroleum Products

31
Q

What is the role of capital in production

A

The role of capital in production is that capital is used to produce other goods and to complete production that would not have been done by labour in a timely manner

32
Q

What are the different types of capital

A

Venture Capital
Working Capital
Fixed Capital

33
Q

What are the different types of production

A

Extractive(Agriculture,Mining,Fishing)
Construction(Building)
Manufacturing(Refining and Assembling)
Service(Transportation,Tourism,Communication)

34
Q

What are the different levels of production

A

Subsistence
Domestic
Surplus
Export

35
Q

What are some functions of small firms

A

Create Employment
Provides services large firms not willing to produce
To cater to niche markets
To assist in redistribution of wealth

POB (8 decks)

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