Transforming resources in goods and services - chapter 3 - BUSS 1

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  • Chater 3 - transforming resources into goods and services
    • Resources (input)
      • the four factors of production
        • Captial
        • Labour
        • Enterprise
        • Land
    • 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
    • Classifying outputs
      • main ways are divided into three ways
        • Natural resources
        • semi-finished and finished goods
        • Services
    • 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
    • Changes in output
      • financial and business services are driving the economy

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