what is production Flashcards
(26 cards)
What is production?
It is the process by using materials and resources to make goods and services
What is productivity?
this is how effective resources are in producing goods
What is the importance of productivity?
it increases when output increase faster rate than input
what is cottage industry
this is a business that takes place in your home
what are the three types of Capital
fix capital
working capital
venture capital
four characteristics of cottage Industry
home based
manual
small scale
local raw materials
what are the four main types of production
extractive
manufactoring
services
construction
where is fishing is more abundant
in belize
what is extractive?
it is the process of taking materials from the environment.
what is service?
it account most employment and production.
Construction ( building)
it create the infrastructure of an unwary
Manufacturing
this involves making products and includes factory work
what is Capital
it is a all man made assets used in the production process
where does agricultural products come from
sugar (Barbados) coffee (Jamaica) oil and gas (Guyana and Trinidad and Tobago)
Differentiate between extractive production and service production
extractive production is materials that is taken from the environment
Example mining iron are from the earth for steel production
on the other hand service production involves activities that provides tangible products than physical goods
Example health care provider offering medical treatment
what is the use of the different types of capital
working capital- this is use to pay for the day to day operation of business
venture capital- this is the money investors provide to help start up a business
fix Capital- the durable equipment that can be use to repeatedly in production process
1 way stakeholders in the tourism industry can benefit from cottage industry
they can benefit by offering locally made crafts and products to tourist
what is linkage industry
it is one that is connected to another industry because it provides supplies
Differentiate between forward industry and backward industry
forward industry involves making connections with companies or persons who are dependent on you for your finish product.
on the other hand Backward industry it makes connection with companies that supplies raw materials .
state four levels of production
labour
Enterprise
Capital
land
