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What does a production do?
Production make good/provide services.
When is value added?
Value is added at each stage of production.
What is the factors of production?
Factors of production are the resources that are needed to create goods and services.
Explain land in factors of production
Land has all the natural resources like oil, wood, animals and crops. The organisations use all these natural resources to produce goods and services.
Explain Labour in factors of production
Labour is work done by people either physical or metal efforts. This means the employees and workers who contribute to the production of goods and services.
Explain Capital in factors of productions.
Capital is the finance invested in the business by the owner or shareholders and is equipment and machinery can be used to help production.
Explain Enterprise in the factor of production.
Enterprise is the art of bringing together ideas in order to produce a good/service. This is the role of an entrepreneur.
Define industrial sectors
Industrial sectors means a group of organisations which produce similar types of goods and service.
Describe Primary in sectors of industry.
Primary organisations are responsible for the raw materials (wood, coal, oil) this is needed for the input stage of production. E.g Farming, fishing
Describe Secondary in sectors of industry.
Secondary organisations are responsible for manufacturing goods using the raw materials from the primary organisations.
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