Introduction to FOPs
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Anything supplied by nature used in the production of goods and services to create wealth.
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| show | Physical land, seas, rivers.mineral wealth.
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| show | Any human effort used in the production of goods and services to create wealth.
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| State examples of Labour? | show 🗑
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| Define Capital? | show 🗑
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| State examples of capital? | show 🗑
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| Define enterprise? | show 🗑
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| Name the return/payment for each of the factors of production? | show 🗑
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| show | a factor of production that is demanded for its contribution to the production process.
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| show | A factor is one that is so specialised that it doesn't have many different uses.
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| show | A factor of production which can have many different uses.
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| Define occupational mobility of factors? | show 🗑
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| Define geographical mobility of factors? | show 🗑
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| Define marginal revenue productivity? | show 🗑
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| Define marginal physical output? | show 🗑
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| State the factors that influence MPP? | show 🗑
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| State the factors that influence MRP? | show 🗑
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| show | MPP X P = MRP
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| Explain the relationship between MRP and MPP in imperfect competition and monopoly? | show 🗑
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| show | Is the minimum payment necessary to bring a factor into use and maintain it in that particular use.
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| show | Is the earnings of a factor in the next best alternative employment.
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| show | Refers to any earnings of a factor above its supply price.
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| Define quasi economic rent? | show 🗑
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| Outline the circumstances under which a FOP can earn economic rent? | show 🗑
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| show | Utility theory, quasi economic rent, power of competition, developed PED, consumer surplus and market time periods.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
deborahh
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