Introduction to FOPs Word Scramble
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| Question | Answer |
| Define Land? | Anything supplied by nature used in the production of goods and services to create wealth. |
| State examples of Land? | Physical land, seas, rivers.mineral wealth. |
| Define Labour? | Any human effort used in the production of goods and services to create wealth. |
| State examples of Labour? | Chef,nurse, plumber. |
| Define Capital? | Anything man-made used in the production of goods and services to create wealth? |
| State examples of capital? | Equipment, machinery, motor vehicles. |
| Define enterprise? | Combines/organises the other factors of production, takes the initiative and risk in setting up a business. |
| Name the return/payment for each of the factors of production? | Rent, wages, interest, profit, loss. |
| Define derived demand in relation to the factors of production? | a factor of production that is demanded for its contribution to the production process. |
| Explain a specific factor of production? | A factor is one that is so specialised that it doesn't have many different uses. |
| Explain an non-specific factor of production? | A factor of production which can have many different uses. |
| Define occupational mobility of factors? | The ease with which a factor of production can move from one occupation to another. |
| Define geographical mobility of factors? | The ease with which a factor can move from one area to another. |
| Define marginal revenue productivity? | Is the extra revenue earned when an additional unit of a factor is employed. |
| Define marginal physical output? | Is the extra output produced when an additional unit of a factor of production is employed. |
| State the factors that influence MPP? | Quality/Specialised nature of the factors, training/ education provided for the factors, expertise of the entrepreneur, law of the diminishing marginal returns. |
| State the factors that influence MRP? | The productivity of the factor, the MR/selling price of the output, the law of demand. |
| Explain the relationship between MRP and MPP in perfect competition? | MPP X P = MRP |
| Explain the relationship between MRP and MPP in imperfect competition and monopoly? | MPP X MR = MRP |
| Define Supply Price? | Is the minimum payment necessary to bring a factor into use and maintain it in that particular use. |
| Define transfer earnings? | Is the earnings of a factor in the next best alternative employment. |
| Define economic rent? | Refers to any earnings of a factor above its supply price. |
| Define quasi economic rent? | Refers to economic rent of a temporary nature. |
| Outline the circumstances under which a FOP can earn economic rent? | Shortage in the supply of any FOP, possession of a rare skill/talent, rent of ability, complelety specific FOP. |
| State contributions made by the neo-classical economist Alfred Marshall? | Utility theory, quasi economic rent, power of competition, developed PED, consumer surplus and market time periods. |
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deborahh
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