What does the term 'LAND' refer to in the context of the 4 factors of production?

• The financial resources required to run a business

• The manual labor and skilled workers in a business

• The natural resources and premises needed for a business

• The entrepreneur who sets up the business

What is 'LABOUR' considered as in the 4 factors of production?

• The natural resources like coal, oil, and forests

• The workforce including manual workers, skilled workers, and managers

• The money spent on raw materials and components

• The person who comes up with the business idea and takes risks

What is 'CAPITAL' in the context of the 4 factors of production?

• The natural resources used by a business

• The workforce of a business

• The money used to buy things for production and fixed assets

• The entrepreneur responsible for setting up the business

What does 'ENTERPRISE' refer to in the 4 factors of production?

• The buildings and machinery used in production

• The natural resources like land and water

• The workforce of a business

• The entrepreneur who sets up the business and organizes resources

What is one of the advantages of specialisation mentioned in the text?

• It leads to over-reliance on a limited range of products

• It makes workers vulnerable to taste changes

• It improves productivity due to focused work on specific tasks

• It causes delays if one stage of production breaks down

Which of the following is a disadvantage of specialisation?

• It leads to low unit costs and less wastage

• It improves productivity by allowing workers to concentrate on what they do best

• It can make work boring because of repetition

• It allows workers to switch from one task to another easily

What type of production methods do businesses in countries with cheap labor typically choose?

• Capital-intensive production

• Labour-intensive production

• Automated production

• Outsourced production

Which factor is NOT mentioned as influencing the best resource mix between labour and capital?

• The type of product

• The relative prices of the two factors

• The size of the business

• The availability of natural resources

What is a disadvantage of capital-intensive production?

• Machinery can operate 24/7

• Huge set-up costs

• Machinery is more precise and consistent

• Machinery is easier to manage than people

What is an advantage of labour-intensive production?

• People need breaks and holidays

• People are more difficult to manage

• People are creative and can solve problems and make improvements

• Long delays may occur when there is a breakdown