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Answered

Question 1  

Define the industry that you are applying these concepts to. Your industry ought to be pretty precisely defined and this is not necessarily an easy thing to do. Note that it can be just as important to say what is NOT included, as what is.

Question 2  

What are the key products in your industry? List or briefly describe a few of the most important ones.               

Question 3  

Economics categorises all the inputs of the production process into four different categories-: Land, Labour, Capital, Entrepreneurship  

(i) Provide three examples of key “land” resources used in your industry.  

3 marks 

(ii) Provide three examples of key “capital” resources used in your industry.  

3 marks (iii) Discuss the labour resources required – how important is skilled labour? What are the types of skills required? Does the industry use much unskilled labour?  Do they mainly use full time, part- time or casual labour? 

BUSN1013 Economics for Business

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ECO 100 Introduction to Economics

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