Module 3: Factors of Production and Their Implications

These vocabulary flashcards cover the definition of production, its inputs and outputs, the four factors of production (Land, Labor, Capital, Entrepreneurship), and associated economic concepts from the lecture.

Produksyon (Production)

The creation of goods or services to meet the needs of people; it is a process of changing the form of products by combining factors of production to create an output.

Inputs

The factors or resources used in the production process.

Output

The finished or formed product or service resulting from the production process.

Prodyuser (Producer)

The individual or entity that creates products or services.

Lupa (Land)

All things useful to humans that come from nature; it serves as the source of raw materials needed for creating products.

Upa / Renta (Rent)

The payment for using the factor of land in the production process.

Lakas-Paggawa (Labor)

The factor referring to people who exert physical and mental strength in creating products or services.

White collar job

Work activities that utilize mental ability to form products or services, such as those performed by doctors, lawyers, and engineers.

Blue collar job

Work activities that utilize physical strength or the body to form products or services, such as those performed by carpenters, drivers, and farmers.

Sahod / Sweldo (Salary / Wage)

The payment for utilizing the factor of labor in production.

Kapital (Capital)

Refers to goods that are used to create other products.

Interes (Interest)

The payment for using capital in the production process.

Entrepreneur

Referenced as the 'brain' of production; the person who manages other factors of production and has the ability and desire to start a business.

Innovator

An entrepreneur who uses modern methods and styles in making products and providing services.

Tubo (Profit)

The income or return earned by an entrepreneur.

Traditional Economy

An economic system where the creation of products and services is based on tradition, culture, and beliefs.

Mixed Economy

An economic system that contains a mix of characteristics from both Market and Command Economies.

Furniture Capital of the Philippines

Mandaue City, which was chartered in 1969 and contributes significantly to the province of Cebu.

Irreversible Process

A fundamental characteristic of production, indicating the process cannot be reversed once completed.

Paombong

The town in Bulacan known for its Sukang Paombong, often packaged in containers such as $3785\,mL$ bottles.

Sta. Maria

The town in the province of Bulacan credited for the production of Chicharon.

Bocaue

The town in Bulacan known for the production of fireworks.

Meycauayan

The town in Bulacan known for the production of Alahas (jewelry).

Malolos

The town in Bulacan known for the production of Ensaymada.

Economic Growth Indicator

An increase in production or the abundance of products and services is a sign of economic growth.