Factors of Production
Economists find it useful to divide resources into four categories which they call land, labour, capital, and entrepreneurship. Collectively these are referred to as factors of production. Land comprises everything commonly called natural resources. It includes the surface of the earth itself and all the other resources provided by the nature such as minerals, waterfalls, trees.
The term “labour” refers to all human resources that could be used in production of goods and services. The basic determinant of the amount of the nation’s labour is its population.
Capital refers to man-made aids for further production. Factories and equipment are capital. Capital can take two forms, fixed or circulating. All of a country’s stock of factories, warehouses, machine tools and equipment are a part of its fixed capital. Circulating, or working, capital circulates through the production process. All goods in the process of being produced and all stocks of finished goods waiting to be sold are part of circulating capital.
When a new venture is being contemplated, risks arise. They involve the unknown future. Will a new product appeal to consumers? Can it be effectively marketed? Will its costs of production turn out to be as predicted? And so on. Someone must assess these risks and make judgements about whether or not to undertake them. The people who do so are called entrepreneurs, and the factor of production is known as entrepreneurship.
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Factors of production
LAND LABOUR CAPITAL
and other natural working population, FIXED CIRCULATING
resources skills buildings stocks of raw
machines materials
ENTREPRENEURSHIP
PRODUCTION OF GOODS
AND SERVICES
U N L I M I T E D W A N T S
Factors of production: land, labour and capital are combined by entrepreneurs to produce goods and services that satisfy some of unlimited wants.
Варіант 1.
Розкрийте дужки, вживаючи дієслова в Present Simple.
My working day ______ (to begin) at 7 o’clock. I ______ (to get up) and______ (to switch) on the radio. It _____ (to take) me 15 minutes to cook my breakfast. My father and I ______ (to leave) home at 8 o’clock. He ______ (to take) a bus to his work. My mother _______ (to be) a doctor, she ______ (to leave) home at 9 o’clock. In the evening we ______ (to gather) in the living room. We _______(to watch) TV and ______ (to talk). Sometimes in the evening I _______(to read).
Розкрийте дужки, вживаючи дієслова в Present Continuous.
1. He….. (to feed) his dog.
2. Nancy……. (to paint) her kitchen.
3. Who …….(to fix) your sink?
4. What she …..(to do) now? – She…… (to dance).
5. They ……(to have) a big dinner together.
6. I …….(to do) my homework.
7. It…… (not to rain) any more.
8. You……. (to have) a break?
9. What language you ……(to study)?
10. What they …….(to talk) about?
Розкрийте дужки, вживаючи дієслова в Present Continuous або в Present Simple.
1. I……. (to take) my sister to school now.
2. She …….(to play ) the violin every day.
3. He……. (to work) in the centre of Chicago.
4. He…….. (to work) in the centre of Chicago?
5 .You……. (to play) volleyball well?
6. Look! Kate…… (to dance).
7. He …….(to live) in England.
8. He ……(to work) every day.
9. He …….(to sleep) now?
10. We…… (to go) to the country in winter.
Перекладіть речення на англійську мову, вживаючи Present Continuous або Present Simple.
1. Вони слухають лекцію.
2. Що роблять діти?
3. Моя мама знає дві іноземні мови.
4. Мій брат на грає в футбол.
5. Я не працюю в суботу.
6. Ввечері діти не дивляться телевізор.
7. Він працює в центрі міста.
5. Розкрийте дужки, вживаючи дієслова в Future Simple.
1. I …..(to see) them next Saturday.
2. They ……(to be) here tomorrow.
3. We….. (to have) a test in a week.
4. How we…… (to get) there?
5. Nick….. (to finish) school next year?
6. How long the journey ….(to take)?
7. We….. (to spend) holidays in the country.