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--1.2.1 DEFINITIONS--
--1.2.1 DEFINITIONS--
--LAND--
--LAND--
In economics LAND, refers to the all 'NATURAL RESOURCES', often termed 'GIFTS OF NATURE' such as oil deposits, fish in the sea etc...
--LABOUR--
--LABOUR--
LABOUR refers to the 'HUMAN EFFORT' involved in the production process. For example, your teachers are considered labour resources.
--CAPITAL--
--CAPITAL--
In economics CAPITAL, refers to 'MAN-MADE RESOURCES', used to PRODUCE OTHER GOODS such as MACHINERY, VEHICLES, TOOLS etc.... which increases PRODUCTIVITY.
--ENTERPRISE--
--ENTERPRISE--
In economics ENTERPRISE, refers to the 'ENTREPRENEURIAL EFFORT', of individuals who TAKE RISKS, and BRING TOGETHER the other factors to make output.
--TASK--
--TASK--
Watch the video below and take FOUR screenshots/stills that you think illustrate the factors of production
--1.2.2 MOBILITY OF FACTORS--
--1.2.2 MOBILITY OF FACTORS--
--GEOGRAPHICAL MOBILITY--
--GEOGRAPHICAL MOBILITY--
GEOGRAPHICAL MOBILITY, as the name suggests refers to BOTH the WILLINGNESS and ABILITY of a FACTOR OF PRODUCTION to CHANGE ITS LOCATION.
--OCCUPATIONAL MOBILITY--
--OCCUPATIONAL MOBILITY--
OCCUPATIONAL MOBILITY, as the name suggests refers to BOTH the WILLINGNESS and ABILITY of a FACTOR OF PRODUCTION to CHANGE ITS USE (OCCUPATION).
--TASK--
--TASK--
Copy/screenshot the image below into your doc and insert the following in the 'relative' region that you think most suits its level of occupational and geographical mobility:
A teacher
A 7-11 clerk
Mr Bounous' labour as a 7-11 clerk (Unskilled labour)
Plot of land
Delivery van
MRI scanner
Elon Musk's entreprenuerial spirit
--1.2.3 QUANTITY & QUALITY OF FACTORS--
--1.2.3 QUANTITY & QUALITY OF FACTORS--
--TASK--
--TASK--
Complete the sentences below and use an example in each.
--LAND--
--LAND--
The quantity of land can be changed through...
The quality of land can be improved through...
--LABOUR--
--LABOUR--
The quantity of labour can be changed through...
The quality of labour can be improved through...
--CAPITAL--
--CAPITAL--
The quantity of capital can be changed through...
The quality of capital can be improved through...
--ENTERPRISE--
--ENTERPRISE--
Entrepreneurship: Quantity and quality can both improve with education, access to capital, and a culture that fosters innovation.
--1.2.4 FACTOR PAYMENTS/REWARDS--
--1.2.4 FACTOR PAYMENTS/REWARDS--
--THE OWNERS OF THE FACTORS OF PRODUCTION RECEIVE PAYMENTS FOR USING THEM IN THE PRODUCTION PROCESS.
--LAND--
--LAND--
The payment received by owners of LAND RESOURCES is called 'RENT'.
--LABOUR--
--LABOUR--
The payment received by owners of LABOUR RESOURCES is called 'WAGES'.
--CAPITAL--
--CAPITAL--
The payment received by owners of CAPITAL RESOURCES is called 'INTEREST'.
--ENTERPRISE--
--ENTERPRISE--
The payment received by owners of ENTERPRISE RESOURCES is called 'PROFIT'.
--TASK--
--TASK--
Given what you know above can you explain why in a market system incomes are uneven?
PAST-PAPER QUESTIONS & MS
PAST-PAPER QUESTIONS & MS
--MCQ--
--MCQ--
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