Factors of Production | Definitions | Management functions |
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What is Land ?
This factor of production refers to all natural resources
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What is Barter ?
The exchange of goods and services for other goods and services
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What is Motivating?
This function focuses on encouraging workers to do their jobs
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What is Labour ?
This factor of production refers to Human Resources
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What is a Democratic leader ?
A leader who listens to the opinions of others
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What is Planning ?
This function is about setting goals for the future of the business.
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What is Capital ?
This factor of production refers to assets such as plant and machinery
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What is the Finance Department ?
This department is responsible for paying workers' salaries
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What is Staffing ?
This function involves hiring and firing workers
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What is Manual Labour ?
This type of labour requires physical strength to do the job
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What is Domestic production ?
This type of production refers to production for the local market
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What is Organizing ?
This function ensures that workers get the necessary materials to perform the job
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What is the Entrepreneur ?
This person is responsible for organizing the Land, Labour and Capital in a business
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What is the Brain Drain Effect
The migration of skilled labour from one country to another
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What is Evaluating ?
This function checks the work performed with the task to be done.
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