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21 Cards in this Set
- Front
- Back
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What does a production do? |
Production make good/provide services. |
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When is value added? |
Value is added at each stage of production. |
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What is the factors of production? |
Factors of production are the resources that are needed to create goods and services. |
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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. |
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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. |
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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. |
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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. |
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Define industrial sectors |
Industrial sectors means a group of organisations which produce similar types of goods and service. |
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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 |
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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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Describe Tertiary in sector of industry. |
Tertiary organisations are responsible for providing the services including the sales of the goods from the secondary organisation. E.g hairdressing, restaurants, education |
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What are the four factor of production? |
Land Labour Capital Enterprise |
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What are three sectors of industry? |
Primary Secondary Tertiary |
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What is the order of the cycle of business? |
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How can businesses make profits and survive? |
By satisfying the wants of customers businesses can make profits and survive. |
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What is the benefit for the customers? |
The benefit for the customer is that they then have something that they did not have before, and don't have to make for themselves. |
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What is production? |
Production is the process of making goods so that they can be consumed or moved into the next stage of production. |
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What is the order of the cycle of business? |
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How can businesses make profits and survive? |
By satisfying the wants of customers, businesses can make profits and survive. |
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Why is the benefit for the customers? |
The benefit for the customer is that they have something that they did not have before, and dont have to make for themselves. |
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What is production ? |
Production is the process of making goods so that they can be consumed or moved into the next stage of production. |
