Business Economics – Accurate Solutions For Every
Question
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Practice questions for this set
Learn 1 /7 Study with Learn
- Large numbers of buyers & sellers
- Products sold are substitutes
- Low barriers of entry (ability to enter a market)
- Free flow of information about the nature of the goods
- No control over charged price by firms
Choose an answer
1 Production 2 Features of competition
3 Productivity 4 Enterprise
Don't know?
Terms in this set (90)
Production The process of creating goods and services.
All natural resources used to produce goods and
Land
services.
, Labour Each individual's value is human capital.
- Working/circulating= stocks of raw materials and
Capital finished goods.
- Fixed capital= factories, shops, offices...
Enterprise Run by entrepeneurs that take decisions.
Labour intensive Relies more heavily on labour compared to machinery.
production
Capital intensive Relies more heavily on machinery compared to labour.
production
Primary sector Extraction of raw materials.
Processing raw materials into semi-finished/finished
Secondary sector
goods.
Tertiary sector Services are produced.
De-industrialisation Decline in manufacturing.
- People want to spend on services
Reasons for de- - Fierce competition in the production of manufactured
industrialisation goods
- New technology replaces people
Rate at which goods are produced and the amount
produced in relation to the work, time and money
Productivity
needed to produce them. It is the output per unit of
input.
Productivity Total output/ number of workers employed
- Fertilizers and pesticides
- Drainage
Increasing land
- Irrigation
productivity
- Reclamation
- GM crops
- Training
Increasing labour - Financial incentives
productivity - Improved working practices
- Migration
- Tractors and lifting equipment in the primary sector
Increasing capital - Complex machinery (e.g. robots) in the secondary
productivity sector
- Improved technology in the tertiary sector
Question
Save
Practice questions for this set
Learn 1 /7 Study with Learn
- Large numbers of buyers & sellers
- Products sold are substitutes
- Low barriers of entry (ability to enter a market)
- Free flow of information about the nature of the goods
- No control over charged price by firms
Choose an answer
1 Production 2 Features of competition
3 Productivity 4 Enterprise
Don't know?
Terms in this set (90)
Production The process of creating goods and services.
All natural resources used to produce goods and
Land
services.
, Labour Each individual's value is human capital.
- Working/circulating= stocks of raw materials and
Capital finished goods.
- Fixed capital= factories, shops, offices...
Enterprise Run by entrepeneurs that take decisions.
Labour intensive Relies more heavily on labour compared to machinery.
production
Capital intensive Relies more heavily on machinery compared to labour.
production
Primary sector Extraction of raw materials.
Processing raw materials into semi-finished/finished
Secondary sector
goods.
Tertiary sector Services are produced.
De-industrialisation Decline in manufacturing.
- People want to spend on services
Reasons for de- - Fierce competition in the production of manufactured
industrialisation goods
- New technology replaces people
Rate at which goods are produced and the amount
produced in relation to the work, time and money
Productivity
needed to produce them. It is the output per unit of
input.
Productivity Total output/ number of workers employed
- Fertilizers and pesticides
- Drainage
Increasing land
- Irrigation
productivity
- Reclamation
- GM crops
- Training
Increasing labour - Financial incentives
productivity - Improved working practices
- Migration
- Tractors and lifting equipment in the primary sector
Increasing capital - Complex machinery (e.g. robots) in the secondary
productivity sector
- Improved technology in the tertiary sector
