what is production

Question 1

What is production?

Answer 1

It is the process by using materials and resources to make goods and services

Question 2

What is productivity?

Answer 2

this is how effective resources are in producing goods

Question 3

What is the importance of productivity?

Answer 3

it increases when output increase faster rate than input

Question 4

what is cottage industry

Answer 4

this is a business that takes place in your home

Question 5

what are the three types of Capital

Answer 5

fix capital
working capital
venture capital

Question 6

four characteristics of cottage Industry

Answer 6

home based
manual
small scale
local raw materials

Question 7

what are the four main types of production

Answer 7

extractive
manufactoring
services
construction

Question 8

where is fishing is more abundant

Answer 8

in belize

Question 9

what is extractive?

Answer 9

it is the process of taking materials from the environment.

Question 10

what is service?

Answer 10

it account most employment and production.

Question 11

Construction ( building)

Answer 11

it create the infrastructure of an unwary

Question 12

Manufacturing

Answer 12

this involves making products and includes factory work

Question 13

what is Capital

Answer 13

it is a all man made assets used in the production process

Question 14

where does agricultural products come from

Answer 14

sugar (Barbados) coffee (Jamaica) oil and gas (Guyana and Trinidad and Tobago)

Question 15

Differentiate between extractive production and service production

Answer 15

extractive production is materials that is taken from the environment
Example mining iron are from the earth for steel production
on the other hand service production involves activities that provides tangible products than physical goods
Example health care provider offering medical treatment

Question 15

what is the use of the different types of capital

Answer 15

working capital- this is use to pay for the day to day operation of business
venture capital- this is the money investors provide to help start up a business
fix Capital- the durable equipment that can be use to repeatedly in production process

Question 16

1 way stakeholders in the tourism industry can benefit from cottage industry

Answer 16

they can benefit by offering locally made crafts and products to tourist

Question 17

what is linkage industry

Answer 17

it is one that is connected to another industry because it provides supplies

Question 18

Differentiate between forward industry and backward industry

Answer 18

forward industry involves making connections with companies or persons who are dependent on you for your finish product.
on the other hand Backward industry it makes connection with companies that supplies raw materials .

Question 18

state four levels of production

Answer 18

labour
Enterprise
Capital
land