Share IGCSE 1.2.1 Production
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Donald & Doris Fisher founded...
Gap
Outline TWO things that entrepreneurs are responsible for.
Coming up with a business idea, taking some risks and making decisions, Investments in the business, Organizing the other factors of production
Differentiate between working vs. fixed capital.
used up in production vs. used to help make goods and services
Identify ONE characteristic of land as a factor of production.
Limited in land supply – it cannot be made by human beings. Land supply may change over time. It is geographically immobile.
In order to increase the value of human capital, governments / companies can...
Provide education and training.
Provide TWO examples of capital and TWO examples of consumer goods.
Any reasonable answers!
Define primary sector.
This is the first stage of production. It involves the extraction and collection of raw materials such as coal, oil and crops.
Define secondary sector.
This is the second stage of production. It involves processing raw materials into semi-finished and finished goods
Define tertiary sector.
This is the third stage of production. It involves providing services to individuals and firms such as banking and tourism.
Provide ONE reason why China has experienced changes in its economic sectors
Any reasonable answers from presentation!
Provide ONE reason why Bangladesh has experienced changes in its economic sectors
Any reasonable answers from presentation!
Provide TWO examples of firms operating in the secondary sector.
Construction, manufacturing of any sort, engineering etc.
Provide THREE examples of firms operating in the tertiary sector.
Retail, restaurants, transportation services
