Economics

Question 1

Define market forces.

Answer 1

The forces of supply and demand that determine the price and quantity of goods and services in a market.

Question 2

Define division of labour.

Answer 2

The process of splitting the production process into different stages or tasks, with each worker or group of workers responsible for a specific task.w

Question 3

Define enterprise with an example.

Answer 3

A business which takes a risk and creates the business using the other three factors of production. Amazon.

Question 4

Define land with an example.

Answer 4

The physical land where the business is located and also the natural resources that a business might need. Gas and oil.

Question 5

Define capital with an example.

Answer 5

The machinery and equipment needed by the business to make the products or provide the service. Sowing machine.

Question 6

Define labour.

Answer 6

The staff needed by the business and the skills and qualifications they have.

Question 7

Define factor market.

Answer 7

All of the resources that businesses use to purchase, rent, or hire what they need in order to produce goods or services.