(a) Explain industrial occupation. Give three examples. (b) State three uses of capital as a...
(a) Explain industrial occupation. Give three examples.
(b) State three uses of capital as a factor of production.
(c) State four uses of land as a factor of production.
Explanation
(a) An industrial occupation involves those who engage in the physical production of goods or changing of raw materials into finished or semi- finished products. Examples are extraction, construction and manufacturing.
(b) Uses of the capital as factor of production:
(i) Capital is used to start business.
(ii) Capital is used to acquire assets.
(iii) Capital is used to pay salaries and wages.
(iv) Capital is used to buy raw materials.
(v) Capital is used as working capital.
(vi) Capital is used as a collateral to obtain credit.
(c) The uses of land as factor of production
(i) Land is used for Agricultural /farming
(ii) Land is used for Mining
(iii) Land is used for Building
(iv) Land is used for Transportation
(v) Land is used for construction of boreholes.