Ex.8. Combine two parts logically to make complete sentences

Ex.7. Fill in the gaps with appropriate prepositions or adverbs.

Ex.6. Choose an appropriate word or phrase to complete the following sentences.

Capital stock, factor of production, human capital, human effort, labour, land, physical and mental, production process, resources, wages.

1. 'Factors of production' may also refer specifically to the primary factors, which are stocks including land, __________ (the ability to work), and capital goods applied to production.

2. The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly transformed by the __________ (as with fuel used to power machinery).

3. 'Land' includes not only the site of production but natural __________ above or below the soil.

4. Recent usage has distinguished __________ (the stock of knowledge in the labour force) from labour.

5. Entrepreneurship is also sometimes considered a __________.

6. Labour is __________ used in production which also includes technical and marketing expertise.

7. The payment for someone else's labour and all income received from one’s own labour is__________.

8. Labour can also be classified as the __________ contribution of an employee to the production of the good(s).

9. Money, however, was not considered to be a factor of production in the sense of __________ since it is not used to directly produce any good.

10. Land is often referred to as "capital", in the sense that one can buy __________ and use it as a "capital investment".

1. The factors _____ production _____ an economy are its labour, capital, enterprise and natural resources.

2. Capital is a factor _____ production that has been produced _____ use _____ the production _____ other goods and services.

3. Human resource consists _____ the productive contributions _____ labour made _____ individuals who work.

4. Land _____ economics means all natural resources and agents_____their sites.

5. Many developed countries are suffering _____ falling birth rates and therefore there are fewer people joining the workforce.

6. _____ a certain point wages are so high that some people value _____ free time than higher wage.

7. Real wage is amount _____ goods and services which we can buy _____ the nominal wage.

8. The non-scarce nature _____ information must bring _____ a rethinking _____ the calculus _____ utility maximization or cost minimization.

9. _____ the selection and compression _____ information _____ knowledge and wisdom, some _____ it is necessarily lost.

10. Choices concerning what goods and services to produce are choices _____ an economy’s use _____ its factors _____ production, the resources available _____ it _____ the production _____ goods and services.

	In economics, factors of production (or productive inputs or resources) are	a	water, air, soil, minerals, flora and fauna that are used in the creation of products.
	Land or natural resource – naturally occurring goods such as	b	in the production of other goods.
	Labour is human effort used in production which also	c	any commodities or services used to produce goods and services.
	The capital stock – human-made goods (or means of production) which are used	d	future structures, buy machines and pay wages.
	Acquired skills (as opposed to "know-how," an attribute of society rather than individuals) have come to be	e	buildings, machinery, tools and other productive resources used in the process of creating goods and services.
	Capital is money needed to build	f	includes technical and marketing expertise.
	Physical capital are things that have already been produced and	g	production together to make a good or service.
	Financial capital refers to money that business people use to buy	h	information, but also “knowledge, collaboration, process-engagement, and time quality”.
	An entrepreneur is someone who puts all the factors of	i	viewed as analogous to physical equipment, capable of yielding their owners a return.
	The general opinion seems to be that the “new factor of production” is “intellectual capital”, an umbrella term that includes	j	then are used in production of other goods and services.

Ex.9. Look through the text again and replace the words/phrases in italics with similar ones.

1. Finally, economy’s factors of production create utility; they serve the interests of people.

2. Drained and filled wetlands are taken away from endangered species, and in addition, from their primal role as filters protecting coastal waters from river trash and pollutants.

3. Whenever potential workers obtain schooling and training and whenever actual workers obtain new skills, labour’s contribution to productive output will rise.

4. Although the skills, knowledge and talents of people can be improved or made more productive through education and training.

5. If the labour force increases, wages fall.

6. A low activity rate could show a high level of unemployment and/or high number of students / housewives / early retired.

7. Therefore, as information is used — even more is generated.

8. Because of the selection and compression of information into knowledge and wisdom, some of it is necessarily lost.

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