Production Flashcards

(17 cards)

1
Q

What is production?

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2
Q

Define the term producers and consumers?

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3
Q

What is division of labour?

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4
Q

What are the advantages and disadvantages of division of labour?

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5
Q

What are the sectors of division of labour?

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6
Q

What is commercial service and direct personal service?

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7
Q

What is home trade and foreign trade?

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8
Q

What are the aids to trade?

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9
Q

What is chain of production?

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10
Q

Describe the chain of production for a table made of wood?

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11
Q

‘Value is added at each stage of production’, explain the meaning of this statement with reference to a table made of wood.

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12
Q

Distinguish between primary and manufacturing industries?

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13
Q

Distinguish between primary, secondary and commercial branches of production?

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14
Q

What is barter economy?

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15
Q

What is money?

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16
Q

What are the characteristics and functions of money?

17
Q

What is money and legal tender?