Question 1

the resources that are used to make goods and services, which include land, labour, capital, and enterprise

Accepted Answer

factors of production

Question 2

process that involves converting resources into goods or services

Accepted Answer

production

Question 3

value of the workforce or an individual worker

Accepted Answer

human capital

Question 4

people used on production

Accepted Answer

labour

Question 5

resources used up in production such as raw materials and components

Accepted Answer

working capital

Question 6

stock of 'man-made' resources, such as machines and tools, used to help make goods and services

Accepted Answer

fixed capital

Question 7

individuals who organise the other factors of production and risk their own money in a business venture

Accepted Answer

entrepreneurs

Question 8

production that relies more heavily on machinery relative to labour

Accepted Answer

capital intensive

Question 9

production that relies more heavily on labour relative to machinery

Accepted Answer

labour intensive

Question 10

production involving the extraction of raw materials from the earth

Accepted Answer

primary sector

Question 11

factories where parts are put together to make a final product

Accepted Answer

assembly plants

Question 12

production involving the processing of raw materials into finished and semi-finished goods

Accepted Answer

secondary sector

Question 13

production of services in the economy

Accepted Answer

tertiary sector

Question 14

decline in manufacturing

Accepted Answer

de-industrialisation

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