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Factors of Production and Markets
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Explain the interaction between households and businesses on the Factor Market
Households sell their factors of production to businesses in exchange for remuneration.
Explain the interaction between Households and Businesses on the Goods and Services Market.
Business sell goods and services to Households in exchange for money.
True or False: The goods and service market is also sometimes referred to as the product market.
True
True or False: Supply is the quantity of a good or service that consumers are willing and able to purchase.
False
What is revenue?
Income
What is a market?
Any form of communication between buyers and sellers to negotiate the sale of a good or service.
True or False: The following are characteristics of a good Entrepreneur- confident, hardworking, enjoy challenges, determined, enjoy taking risks and creative.
True
What is unskilled labour?
A worker with very little, if any, education training.
What is the remuneration for labour?
salaries and wages
Which factor of production bring all the other factors together?
Entrepreneurship
What is a blue-collar worker?
A person who does physical work, usually works in a manufacturing organisation.
A worker employed with the assumption that they will be staying with the business for a long period of time is named a ... a) White-collar worker b) Permanent worker c) Skilled laabour
Permanent worker
What do we call the act that states what workers' rights are?
The Basic Conditions of Employment act.
True or False: A person who is well-educated and has a diploma or degree in a certain skill is seen as semi-skilled labour.
False
What remuneration do shareholders get for providing capital?
Dividends
What remuneration does a bank get for providing start-up capital?
Interest
What remuneration does the owner get for providing capital?
Profit
Name two inputs in the production process of fried chicken
Answers will vary
What are the 4 Factors of Production?
Capital, Entrepreneurship, Land (Natural Resources), Labour
Why is it risky to invest borrowed money rather than use your own money in your business?
Borrowed money must be paid back to the investor.
What is the difference between own and borrowed money?
Own money is capital an owner invests into a business from his own sources. Borrowed money is capital that is obtained from external sources.
A worker employed for a certain period of time is known as a ... a) permanent worker b) temporary worker
temporary worker


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