Transforming resources in goods and services - chapter 3 - BUSS 1
- Created by: livviecoles
- Created on: 10-03-14 16:08
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- Chater 3 - transforming resources into goods and services
- Resources (input)
- the four factors of production
- Captial
- Labour
- Enterprise
- Land
- the four factors of production
- improving the efficiency of the factors of production
- improving the fertility of land - more crops can be produced
- Using renewable or recyclable resources - minimize waste and improve energy efficiency
- greater education/ training of workforce - greater output of labour
- increasing the level of investment in capital equipment - modern machinery - better efficiency
- entrepreneurial skills imporved
- combining the factors in a balanced way
- extending overall scale of production
- the nature of output
- the transformation process
- inputs - transformation process - outputs (which all feeds backs)
- the process by which inputs of factors of production are transformed into outputs are known as production
- the transformation process
- Classifying outputs
- main ways are divided into three ways
- Natural resources
- semi-finished and finished goods
- Services
- main ways are divided into three ways
- sectors
- primary
- tertiary
- Secondary
- structure of industry in the UK
- Tertiary sector is the largest sector in terms of employment in UK
- secondary sector tends to grow faster than the primary
- measuring output
- value added
- process of increasing the worth of something
- creating a USP - different design or different conponenets
- identifying an attractive mix of design, function image and service
- value added
- Changes in output
- financial and business services are driving the economy
- Resources (input)
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