JSS 1 Business Studies Flashcards: Meaning, Types and Factors of Production and Service Delivery

Question 1

What is production?

Accepted Answer

creating goods and services that satisfy wants

Question 2

Obtaining crude oil from the ground is what type of production?

Accepted Answer

extractive production

Question 3

Turning cocoa into chocolate is what type of production?

Accepted Answer

manufacturing

Question 4

Building a school is what type of production?

Accepted Answer

constructive production

Question 5

Land, rivers, forests and minerals belong to the production factor called ____.

Accepted Answer

land

Question 6

Human effort used in production is called what?

Accepted Answer

labour

Question 7

Machines and tools used to produce goods are what factor?

Accepted Answer

capital

Question 8

Who combines and coordinates the other factors of production?

Accepted Answer

entrepreneur

Question 9

A worker supplies effort to production and receives ____ as the reward.

Accepted Answer

wages

Question 10

Money and equipment supplied as capital earn ____.

Accepted Answer

interest

Question 11

The owner of land used in production receives ____.

Accepted Answer

rent

Question 12

After bearing business risk, the entrepreneur's reward is ____.

Accepted Answer

profit

Question 13

How does a service differ from a good?

Accepted Answer

a service is intangible

Question 14

An economy driven mainly by expertise and information is a ____.

Accepted Answer

knowledge economy

Question 15

Banking and teaching belong mainly to what economy?

Accepted Answer

service economy

Question 16

One harmful environmental effect of factory production is what?

Accepted Answer

pollution

Question 17

What can a factory do to reduce production waste?

Accepted Answer

reuse or recycle suitable materials

Question 18

What is a major production benefit of robots?

Accepted Answer

consistent performance of repetitive tasks

Question 19

How can artificial intelligence support production?

Accepted Answer

by analysing data and improving decisions

Question 20

Why must workers be trained when technology changes production?

Accepted Answer

to use new systems safely and effectively

Strong work.