Production and its factors
Answers are for parents and teachers.
1
Write three firms near where you live and sort them into the primary, secondary or tertiary sector.
Sample: a farm – primary; a bakery plant – secondary; a hairdresser – tertiary.
2
For making bicycles, write two examples for each of the four factors.
Natural – iron ore, rubber; capital – welding equipment, the workshop; labour – an assembler, an engineer; entrepreneurial – the owner's plan, finding a loan.
3
Explain the difference between a service and a good with two examples.
A good is a physical object (a notebook) and can be stored; a service is an activity (a teacher's lesson) and cannot be saved up.
4
Why can it be more beneficial for a country to sell cotton as a finished product rather than as raw material?
Because processing employs workers, creates jobs, and a finished product is usually sold for more than the raw material.