Concept check. 1.What is production and under what conditions can it only take place?
1. What is production and under what conditions can it only take place? 2. Define the factors of production? 3. Look back at the text and fill in the chart. Keep in mind other approaches to the categories of the production factors. Describe a widely accepted classification of the factors of production?
1) Natural recourses: 1) … 1) Money 1) … 1) … oil, coal, gas, etc. 2) … 2) …. 2) …. 2) …. 2) …
4. Why is this classification not completely satisfactory? 5. Match up the following half-sentences.
6. Read each statement and decide if it is true or false. Explain your point of view. 1) The central question for any market economy is how much to produce. 2) Under factors of production we mean natural resources. 3) If a company wants to have a competitive advantage in the market, it should always educate and motivate its personnel. 4) Capital only includes money to run a business. 5) Technology includes tools and machines for producing goods. 6) It is not easy to allocate resources into groups, moreover, there are great deviations within each group.
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