Factors of Production -Types of Goods and Productivity

Goods used as inputs in the production process

• Producer goods

• Intermediate goods

• Final good

• Consumer good

Goods used by customer

• Producer goods

• Intermediate goods

• Final service

• Consumer good

Goods used to create other goods

• Producer goods

• Intermediate goods

• Final service

• Consumer good

Baker buying 1000 pounds of flour for his business

• Producer goods

• Intermediate goods

• Final service

• Consumer good

Select ALL the components of the production function

• Land

• Labour

• Capital

• Raw Material

The conversion of factors of production into goods and services

• Product

• Production

• Productivity

• Economic growth

Adding value to products or services for resale

• Product

• Production

• Productivity

• Economic growth

A measure of output per unit of input

• Product

• Production

• Productivity

• Economic growth

This measure relates to how we produce?

• Value-adding

• Production

• Productivity

• Economic growth

Select all the types of productivity covered in this course so far

• Labour productivity

• Land productivity

• Capital productivity

• Management productivity