lesson 4 Flashcards
what is land?
all natural resources used to produce goods and services
what is labour?
all human effort used to produce goods and service including all physical and mental efforts
what is the primary sector and what percentage of the uk’s workers does it make up for?
its extracting
3% of workers
what is the secondary sector and what percentage of the uk’s workers does it make up for?
its manufacturing
15% of workers
what is the tertiary sector and what percentage of the uk’s workers does it make up for?
services (banks, shops, offices etc)
82% of workers
factors that can effect labour supply
- immigration
- retirement age
- birth rates
factors that can effect labour quality
- education
- training
what is labour often referred to as?
human capital
what is occupational mobility?
how easily can workers move between different types of jobs
what is geographical mobility?
how easily can workers move to new areas in search of work
what is consumer goods?
goods made for immediate satisfaction to consume and use eg a kids toy
what is enterprise?
involves taking risks
the four factors of production
- land- all natural resources
- labour- all human effort
- capital- goods used to produce other goods
- enterprise- ideas/risks
what is yield?
what we get from what we put in
why might improved capital make a firm more competitive?
- increased investment
- increased quality of capital
- increased productivity
- lower costs
- increased profits
