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Cards In This Set
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Name the 4 factors of production.
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Land, labour, capital and enterprise/entrepreneurship.
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Draw a labelled diagram to show the transformation of inputs into outputs.
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 Inputs > Transformation Process > Outputs |
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Distinguish between the primary, secondary and tertiary sectors.
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Primary: Extract raw materials from the land e.g. lumberjacks.Secondary: Turns the raw materials into a finished product e.g. furniture manufacturer.Tertiary: Sells the finished product or provides a service.
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Explain why the tertiary sector is the largest of all.
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As people become more affluent, they want more manufactured products and as their wealth increases further, they want more services.
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What is the difference between added value and adding value.
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Added value = Price of finished product - cost of production.Adding value = modifying a product to increase it's worth.
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