Define the industry that you are applying these concepts to. Your industry ought to be pretty…

Question 1.1: Define the industry that you are applying these concepts to. Your industry ought to be pretty precisely defined and this is not necessarily an easy thing to do. Note that it can be just as important to say what is NOT included, as what is. 1 mark Note: It is OK to use the IBISWORLD definition, or any sensible attempt at defining the industry. Question 1.2: What are the key products or product segments in your industry? List all the major product segments and provide examples of some products and services included in each product segment. 2 marks Question 1.3: Economics categorises all the inputs of the production process into four different categories-: Land, Labour, Capital, Entrepreneurship (i) Provide three examples of key “land” resources used in your industry. 3 marks (ii) Provide three examples of key “capital” resources used in your industry. 3 marks (iii) Discuss the labour resources required – how important is skilled labour? What are the types of skills required? Does the industry use much unskilled labour? Do they mainly use full time, part- time or casual labour? 3 marks

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