Let's look at Starbuck. The "labour" that is required for factors of production is____

Employees providing services at retail stores

Let's look at Starbuck. The "capital" that is required for factors of production is____

Machine to produce and dispense coffee

Let's look at Starbuck. The "enterprise" that is required for factors of production is____

The people with business skills to manage the stores and employees

With the use of relevant example, describe the meaning of "land" as a factor of production

Land can be used to grow vegetables and fruit.

Land can be used to construct building

What is the reward for "Land"? Explain in detail

Rent income comes from the ownership of property, such as physical and related assets, and is paid by the tenants of the land resources

What is the reward for "labour". Explain in detail

Wages are paid to workers on hourly basis. Salary is paid in fixed amount per month

What is the reward for "capital"? Explain in detail

If the interest rate is high, the cost of borrowing is high so it's not worthwhile for businesses and households. And vice versa

What is the reward for "enterprise"? Explain in detail

What remains after paying all the business costs and the cost of other factors of production

What is mobility of factors of production?

When resources can be changed for one another in the production process

Give an example of mobility of factors of production

Farming in some countries relies on labor but in other countries it relies on capital

Give an example of mobility of factors of production in the "land" category

the land can be used to grow fruits/vegetable, and can also be used to construct buildings

Give an example of mobility of factors of production in the "capital" category

The machinery that is used to manufactured one item can be used to manufacture other items

Give an example of mobility of factors of production in the "entrepreneur" category

Someone who has a position as VP of one company can become VP for another company

There are two types of labor mobility. They are: _______

geographical occupational mobility

What is geographical mobility?

The labor is willing and able to relocate from one area to another for employment purposes

Some people might not be geographically mobile for some reasons. Explain

Because they want to be near friends and family. Because of their children's education

cost of living varies between regions and countries. One are might have higher house pricing and living cost than other areas. Someone with low income might have a hard time moving to another place with higher living expense

What is occupational mobility?

The ability to move between jobs

How to increase the occupational mobility?

By developing and training the skills.

What will happen if workers in a country have high occupational and geographical mobility?

They will have higher international competitiveness and economic growth

Explain why labour, as a factor of production, is essential in the production process

It is an active factor of production. It is the factor that starts production

Explain how an increase in wages can affect the quality and quantity of factors of production

Increase in wages can lead to higher labor cost. In which will reduce the demand for labour

Explain how government policies can affect the quality and quantity of factors of production

Low income tax creates incentives to work, thus increasing the quantity of labour resources

Complying with regulations can increase costs of production

Subsidies can lower production costs, thus increasing output of goods and services

Explain how government policies can affect the quality and quantity of factors of production

Low income tax creates incentives to work, thus increasing the quantity of labour resources

Complying with regulations can increase costs of production

Subsidies can lower production costs, thus increasing output of goods and services

Explain how new technologies can affect the quality and quantity of factors of production

It allows firms to produce more output.

Higher productivity enables firms to cut average cost of production

Explain how net migration of labour can affect the quality and quantity of factors of production

If more people migrate to a country than emigrate to other countries, the quantity of labour will increase

Explain how improvement in education and healthcare can affect the quality and quantity of factors of production

The workers will become more valuable to firms. Thus it helps to boost production

Explain how weather can affect the quality and quantity of factors of production

bad weather will reduce supply of agricultural products

good weather will increase supply of agricultural products

Which event is most likely to cause an increase in the average wage of labour?

An increase in the national minimum wage

A decrease in the national minimum wage

net migration of labour into the country

The quantity and quality of factors of production will change if there is a change in the demand for and/or supply of _________

land, labour, capital, or enterprise

Econ Chapter 2

Authored by Angelia Wijaya

Other

7th Grade

Used 3+ times

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FILL IN THE BLANK QUESTION

1 min • 1 pt

What is the definition of factors of production?

FILL IN THE BLANK QUESTION

1 min • 1 pt

Explain "Land' as one of the factors of production. Give example

FILL IN THE BLANK QUESTION

1 min • 1 pt

Explain "Labour' as one of the factors of production. Give example

FILL IN THE BLANK QUESTION

1 min • 1 pt

Explain "Capital' as one of the factors of production. Give example

FILL IN THE BLANK QUESTION

1 min • 1 pt

Explain "Enterprise' as one of the factors of production. Give example

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production of any good or services requires resources known as

factors of production

land

production facilities

raw materials

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the generic name for the natural resources required in the production process?

capital

enterprise

labour

land

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Econ Chapter 2

What is the definition of factors of production?

Explain "Land' as one of the factors of production. Give example

Explain "Labour' as one of the factors of production. Give example

Explain "Capital' as one of the factors of production. Give example

Explain "Enterprise' as one of the factors of production. Give example

Production of any good or services requires resources known as

What is the generic name for the natural resources required in the production process?

What is the name of the reward for use of enterprise in the production process?

Which refers to the willingness and ability of a person to relocate from one area to another for employment purposes?

What is the name given to manufactured resources required in the production process?

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