1804821
Description
Mind Map by rajmurcolly, updated more than 1 year ago
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Created by rajmurcolly
almost 10 years ago
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Economics A LEVEL
- FOP
- Land- the natural
gifts of nature like
the earth, the sea
and everythiung in it
like gold and fish
- enterprise- usually manifested as an entrepenure, someone who takes risks and
combines the other 3 factors of production in production of goods and services in
anticipation for demand
- Labour- the human mental and physical
effort used in the production of goods and
services like builders and treachers
- Capital- the material used in production of further wealth. Fixed capital like buildings and machinery and
working capital like stocks of raw materials
- Capital- the material used in production of further wealth. Fixed capital like buildings and machinery and
working capital like stocks of raw materials
- Labour- the human mental and physical
effort used in the production of goods and
services like builders and treachers
- enterprise- usually manifested as an entrepenure, someone who takes risks and
combines the other 3 factors of production in production of goods and services in
anticipation for demand
- Land- the natural
gifts of nature like
the earth, the sea
and everythiung in it
like gold and fish
- Specialisation
- When individuals/ groups or even a whole economy
focus on the production of certain goods and services
over others... this increases output and efficiency gains
- Producers can use this to their advantage and
exchange their surplus materials with other
individuals/ groups or economies who specialise
in different goods
- However specialisation may be risky because ie if a economcy is specialised in the production of one good and
defmand for that good declines, there will be an occurrence of strucrtual unemployment where the workers will be
unemployed until they have learnt new skills and new knowledge to befit the production of other goods and services
- However specialisation may be risky because ie if a economcy is specialised in the production of one good and
defmand for that good declines, there will be an occurrence of strucrtual unemployment where the workers will be
unemployed until they have learnt new skills and new knowledge to befit the production of other goods and services
- Producers can use this to their advantage and
exchange their surplus materials with other
individuals/ groups or economies who specialise
in different goods
- When individuals/ groups or even a whole economy
focus on the production of certain goods and services
over others... this increases output and efficiency gains
- FOP
- Division of labour
- Workers are able to work in the place of production they operate best and divide the labour depending on the skill and knowledge of workers
- It is good because... managerial control, individual aptitudes, time-saving and
- It is good because... managerial control, individual aptitudes, time-saving and
- Workers are able to work in the place of production they operate best and divide the labour depending on the skill and knowledge of workers
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