Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Introduction to FOPs

QuestionAnswer
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.
Created by: deborahh
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards