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".