Module 3 - Entrepreneurship

What are the four factors of production?

(CELL) Capital, Entrepreneurship , Land/Natural Resources, Labour

What is production?

The process of creating goods and services to satisfy needs and wants.

What is natural resources?

Gifts of nature, commonly referred to as land.

What does labour refer to?

All mental and physical efforts of humans in production for remuneration.

What is capital?

All money invested in the business for production.

What is entrepreneurship?

Combining natural resources, labour, and capital into products and services.

What is an entrepreneur?

An individual who takes calculated risks and identifies business opportunities.

What are capital goods?

Machinery, tools, and equipment used in production.

What is remuneration?

The reward or payment for the use of a factor of production.

What is the Basic Conditions of Employment Act (BCEA)?

Legislation that governs employment conditions in South Africa.

What are natural resources often described as?

Gifts of nature, commonly known as land.

What are examples of natural resources?

Mineral deposits, Water, Wildlife, Vegetation, Marine resources

What are non renewable resources?

Resources that cannot be replaced once extracted.

Give an example of a non renewable resource.

Brent crude oil.

What are renewable resources?

Resources that can be replaced once extracted.

Give an example of a renewable resource.

Cattle and crops.

Why must renewable resources be used responsibly?

To prevent exhaustion and ensure availability for future generations.

How do climatic conditions affect natural resources?

They influence availability, quality, and quantity.

What is the BCEA?

A framework for the terms and conditions of employment.