Factors of Production - JSS1 Business studies Past Questions and Answers - page 2
Which factor of production refers to the work done by individuals in various occupations?
Land
Labour
Capital
Entrepreneurship
What is essential for agriculture, mining, and construction in the factor of production "land"?
Minerals
Machinery
Water
Stocks
Who makes decisions about what to produce, how to produce it, and for whom to produce it in the factor of production "entrepreneurship"?
Labourers
Entrepreneurs
Investors
Consumers
What does the term "capital" encompass in the context of production?
Natural resources
Human effort
Man-made resources
Financial assets
Which factor of production primarily includes physical and mental human effort?
Land
Labour
Capital
Entrepreneurship
What type of resources does the factor of production "land" primarily consist of?
Natural resources
Human resources
Man-made resources
Financial resources
Give an example of a natural resource included in the factor of production "land".
An example of a natural resource included in "land" is water. It's essential for various activities such as agriculture, industrial processes, and human consumption.
How does capital contribute to enhancing productivity in the production process?
Capital contributes to enhancing productivity by enabling the use of machinery and technology. For example, in a manufacturing setting, capital investment in automated equipment can increase production efficiency and output.
What role do entrepreneurs play in the economy?
Entrepreneurs play a crucial role in the economy by identifying opportunities, taking risks, and organizing resources to create new products, services, and markets. They drive innovation, economic growth, and job creation.
How does labor quality impact production outcomes?
Labor quality, including factors such as education, training, skills, and health, can significantly impact production outcomes. Skilled and healthy workers are often more productive, leading to higher-quality goods and services and increased efficiency in the production process.