Factors of Production
15 questions· page 1 of 2
Assess the extent to which it is always necessary to increase the size of the labour factor of production in order to cause an outward shift of the production possibility curve.
Entrepreneurs are vital in an economy to achieve long run economic growth.
Assess whether encouraging entrepreneurship or increasing another of the factors of production will be a more effective way to achieve long-run economic growth.
Discuss whether supply side policies will be successful in increasing the quantity and quality of the factor enterprise in a modern economy.
Explain how the factor of production enterprise contributes to aggregate supply in a modern economy and how it differs from the other factors of production in terms of the reward for its services.
State and explain two factors of production needed for the manufacture of chocolate. Explain the benefits of specialisation in the manufacture of chocolate.
Explain the role of the factor enterprise in allocating resources in a market economy when there is an increase in the demand for a good. Use a diagram to support your answer.
Outline the functions of the factor enterprise in a modern economy, and explain how enterprise responds to a rise in the demand for a good.
Explain the functions of price, enterprise and profit in a free market economy.