Theory question 101
OccupationCommerce 2 (essay)
(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.
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(a) Industrial occupation is the physical production of goods: extracting raw materials or changing them into finished or semi-finished goods and structures. Examples: extractive (mining, farming, fishing), manufacturing (textiles, car assembly), construction (building, road making).
(b) Any three: to start the business; to buy machines, buildings and equipment; to buy raw materials; to pay wages and running expenses (working capital); as security for credit; to expand the business.
(c) Any four: for farming; for building factories, offices and houses; for mining and quarrying; for roads, railways and airports; for forestry; for sinking wells/boreholes; for grazing livestock.
Give real examples for each class in (a).