KEY KNOWLEDGE 🗝️🛀🏾

Question 1

What are the Factors of Production?

Answer 1

1. Land
2. Labour
3. Capital
4. Enterprise

Question 2

What factors shift the PPF?

Answer 2

1. increase in investment/ improvement in technology (outwards)
2. population growth (outwards)
3. higher education/ government training schemes (outwards)
4. natural disasters (inwards)
5. disease/ pandemic (inwards)

Question 3

What does globalisation involve?

definition of globalisation

Answer 3

• an expansion of trade in goods & services between countries
• an increase in transfers of financial capital
• internationalisation of products & services and the development of global brands
• the expansion of out-sourcing & off shoring of production and support services
• increase levels of labour migration
• the entry of countries into the global trading system

Question 4

What are the characteristics of globalisation?

Answer 4

• an increase in international trade
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