Notes

Marks 25
MC Mark 4

Factors of Production
1.) Land
2.) Labour
3.) Capital
4.) Entrepreneurship

Q6 Functions of HR
1.) Compensation
2.) Recruitment/Firing/Discipline
3.) Training
4.) Employee Relations
5.) Health and Safety

Q7 Definitions of terms and Ex
Labour is physical and mental work used to produce goods and services.
Automation is work done by more than one person using machines.
Consolidation is when small manufacturing closes down to create a large manufacturing site.
Outsourcing hires another company to perform tasks, to cut costs down.
Intellectual properties are the ideas or talent of a business.
Information used to produce goods and services in a competitive market. (Customers, technology, competition, political conditions, and sources of supply)
Management are company resources/people that run and make decisions that affect the business.
Capital are assets invested in the business.
Entrepreneurship are people that combine factors of production to earn profit.
Liquid capital are assets that can be easily converted to money, while non-liquid capital is something that can not be converted easily.
Capital Investment that increases productivity.
Investment in technology allows companies to have up-to-date technology to improve goods and services.
New inventory systems with Just-in-Time (JIT) that allows business to keep track of factory production and materials needed to improve efficiency and productivity.


Q8 Matching
1.) Fuel and Energy
2.) Logging and Forestry
3.) Water
4.) Agriculture
5.) Mining
6.) Fishing and Trapping

Q9 Raw Materials, Ingredients, and Supply
Raw Materials are any goods used in the manufacturing of other goods.
Two types of Raw Material
Ingredients are raw materials combined or converted to create a finished product.
Supplies are raw materials are not part of the product but used to create the product.

Q10 Stages of Production
1.) Purchasing (Factors: Quality of raw materials, price, and additional costs)
2.) Processing (One item into another called conversion processing, like sugar cane to sugar)
3.) Quality Control (All products conform to standards, companies, government, or organization like ISO International Organization for Standards
4.) Grading (Act of checking the product against fixed standards, like apples)

Q11 Capital Bids Mark 4