Homework Help is Here – Start Your Trial Now!
Business
Economics
nsformed into unit you will king products, Activity 12.3 Identify the inputs in the production process KIM'S FORNUTUR Unit 2 Topic 12 3 ne factors of urces used s to make e are four iction: re the hat sand 1 dwind. nvolved bour tal roduce 1 is in t, item. Dital. An example of a production process Work with a partner and look at the pictures that show the production process in Kim's Furniture Factory. Answer the following questions: 1. The picture shows many people involved in the production process. a) Identify each person and explain what they are doing. b) Follow the production process from beginning to end. Explain each step of the process. (3) (3) 2. The picture shows many resources that are used to produce the furniture. Identify as many resources as you can. a) b) List the resources under the headings: natural resources (land), labour, capital, and entrepreneurs. c) Could any of these inputs be replaced by another input? Give two examples. (3) (4) (2) 3. Kim is considering buying some equipment to use in the production process. This equipment would replace the work done by some of the labour. a) How would this decision affect production? b) How would this decision affect the people whose jobs will be replaced by the new capital items? Outputs (goods and services) (2) (3) The outputs of the production process refer to the products that the business Jinds of outputs: made and sold by a

nsformed into unit you will king products, Activity 12.3 Identify the inputs in the production process KIM'S FORNUTUR Unit 2 Topic 12 3 ne factors of urces used s to make e are four iction: re the hat sand 1 dwind. nvolved bour tal roduce 1 is in t, item. Dital. An example of a production process Work with a partner and look at the pictures that show the production process in Kim's Furniture Factory. Answer the following questions: 1. The picture shows many people involved in the production process. a) Identify each person and explain what they are doing. b) Follow the production process from beginning to end. Explain each step of the process. (3) (3) 2. The picture shows many resources that are used to produce the furniture. Identify as many resources as you can. a) b) List the resources under the headings: natural resources (land), labour, capital, and entrepreneurs. c) Could any of these inputs be replaced by another input? Give two examples. (3) (4) (2) 3. Kim is considering buying some equipment to use in the production process. This equipment would replace the work done by some of the labour. a) How would this decision affect production? b) How would this decision affect the people whose jobs will be replaced by the new capital items? Outputs (goods and services) (2) (3) The outputs of the production process refer to the products that the business Jinds of outputs: made and sold by a

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 12RQ: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
See similar textbooks
icon
Related questions
Question
Please help me with this
nsformed into unit you will king products, Activity 12.3 Identify the inputs in the production process KIM'S FORNUTUR Unit 2 Topic 12 3 ne factors of urces used s to make e are four iction: re the hat sand 1 dwind. nvolved bour tal roduce 1 is in t, item. Dital. An example of a production process Work with a partner and look at the pictures that show the production process in Kim's Furniture Factory. Answer the following questions: 1. The picture shows many people involved in the production process. a) Identify each person and explain what they are doing. b) Follow the production process from beginning to end. Explain each step of the process. (3) (3) 2. The picture shows many resources that are used to produce the furniture. Identify as many resources as you can. a) b) List the resources under the headings: natural resources (land), labour, capital, and entrepreneurs. c) Could any of these inputs be replaced by another input? Give two examples. (3) (4) (2) 3. Kim is considering buying some equipment to use in the production process. This equipment would replace the work done by some of the labour. a) How would this decision affect production? b) How would this decision affect the people whose jobs will be replaced by the new capital items? Outputs (goods and services) (2) (3) The outputs of the production process refer to the products that the business Jinds of outputs: made and sold by a
Transcribed Image Text:nsformed into unit you will king products, Activity 12.3 Identify the inputs in the production process KIM'S FORNUTUR Unit 2 Topic 12 3 ne factors of urces used s to make e are four iction: re the hat sand 1 dwind. nvolved bour tal roduce 1 is in t, item. Dital. An example of a production process Work with a partner and look at the pictures that show the production process in Kim's Furniture Factory. Answer the following questions: 1. The picture shows many people involved in the production process. a) Identify each person and explain what they are doing. b) Follow the production process from beginning to end. Explain each step of the process. (3) (3) 2. The picture shows many resources that are used to produce the furniture. Identify as many resources as you can. a) b) List the resources under the headings: natural resources (land), labour, capital, and entrepreneurs. c) Could any of these inputs be replaced by another input? Give two examples. (3) (4) (2) 3. Kim is considering buying some equipment to use in the production process. This equipment would replace the work done by some of the labour. a) How would this decision affect production? b) How would this decision affect the people whose jobs will be replaced by the new capital items? Outputs (goods and services) (2) (3) The outputs of the production process refer to the products that the business Jinds of outputs: made and sold by a
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS