Zusammenfassung der Ressource
Ch.7 Factors of Production
- 4 Factors of Production
- Land
- Land resources
- Renewable
- Definition
- Once land resources have been used they cannot be replaced
- Example
- Coal
- Gold
- Diamonds
- Oil
- Non-renewable
- Example
- Fish
- Forests
- Water
- Definition
- Land resources that are replaced by nature
- Capital
- Definition
- Also called as an artificial resource
- Because it is made by labour
- 2 Types of Capital
- Working Capital or Circulating Capital
- Refers to..
- Stocks of raw meterials
- Stocks of finished goods that are waiting to be sold
- Components that will be used up in production
- Fixed Capital
- Refers to..
- Factories
- Offices
- Shops
- Machines
- Tools
- Equipments
- Furnitures
- Used in production to..
- To change working capital into Goods&Services
- Enterprise
- Enterprenuers
- Responsible for setting up and running business
- They come up with business idea
- They are business owners
- They usually provide money to help set up a business
- They are risk takers
- They are responsible for organising resources
- Labour
- Definition
- Workforce in the economy
- Each workers have different skills, knowledge, intelligence and emotions
- Production
- Example
- A baker using flour, yeast, salt and water to make bread
- A large manufacturerusing people to assemble components to make laptop computers
- A dentist using a dental instruments to extract a diseased tooth
- A taxi driver using a car and petrol to transport a family from their home to an airport
- Resources
- Goods
- Examples
- Foods
- Medicines
- Craft meterials
- Non-Examples
- Teachers
- Chef
- Doctors
- Services
- Examples
- Tourism
- Dog walking
- Fence painting
- Non-Examples
- Reading a book
- Riding a bike
- Taking a test