Resources used in Production Flashcards
(18 cards)
Production
This is the process of making
or manufacturing items from
raw materials.
Natural Resources
A natural resource is anything
that people can use which
comes from the natural
environment.
Labour
This is generally defined as the ability to work which can either be
physical (working with the hand – lifting, carrying or even cutting) or
mental which is brain work for example managing, directing,
accounting etc. The term labour represents human resources used
in the production of goods and services.
Goods and Services
Goods are items that are tangible and Services refer to
activities provided by other people.
factors of production
land
Land (including all natural resources) as a
factor of production includes not only the
physical land itself but all natural resources
found on the earth’s surface as well both
above and below the surface. Land includes
mineral deposits such as bauxite, oil, iron,
gold and diamonds, rivers, ponds and lakes
etc.
factors of production
Labour
Labour (including all human resources)is
categorized as skilled, semi-skilled, unskilled
or professional workers.
factors of production
capital
Capital (including all man-made resources)
is the productive resources made by human
efforts; including resources such as
buildings, machinery, vehicles and tools.
Capital consists of tools, equipment,
machines and buildings that producers use
to produce something else. Capital
represents all man-made resources.
factors of production Entrepreneurship/Enterprising
Entrepreneurship/Enterprising (which brings
all the previous resources together for production)
An enterprise is often a small business or company.
Entrepreneurship is the creative decision making,
risk taking or starting of an enterprise. It involves
the coordinating of all the factors of production in
order to produce goods and services. The
entrepreneur can be an individual or a group. The
factors of land, labour and capital are brought
together by the entrepreneur to satisfy the
consumer needs for goods and services.
categories of workers
skilled/professional
The skills required may have
been developed through
specialized training or developed
on the job. Example: Teachers,
doctors, nurses, lawyers,
engineers, architects.
categories of workers
semi-skilled
These workers need to get
further training to be able to
perform the task really well.
Example a practical nurse or
a Nurse’s aide in a hospital.
categories of workers
unskilled
There is no special ability
required to perform these
tasks. Example men who
carry buckets of cement on a
construction sit
Crude oil
This is a natural resource of Trinidad.
The petroleum industry employs
nationals and earns foreign exchange
for the country
Clay
This is found in abundance in
Barbados. Pottery making is a large
industry in Barbados.
Other
Guyana also has very large forest areas
and has developed a very vibrant lumber
and timber industry. Lumber is used in
the construction and carpentry industry.
Limestone is processed to make cement
in Jamaica. Gypsum
Bauxite
This is found in abundance in both Jamaica
and Guyana. The Alumina industry is an
important foreign exchange earner.
Alumina is exported to be further
processed to make aluminium products.
renewable resources
Renewable resources such as
water, wind etc., are
replenished naturally and
over relatively short periods
of time
non-renewable resources
Non-renewable resources such
as coal, oil, and natural gas, are
available in limited supplies.
This is usually due to the long
time it takes for them to be
replenished.
