(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 o...

Answer Details

(a) Industrial occupation

Industrial occupation refers to that group of occupations concerned with the actual production or extraction of goods and the conversion of raw materials into finished or semi-finished products. It covers all the activities that create physical goods, from obtaining raw materials from nature to processing them and assembling them into usable products. Industry is one of the two main branches of production (the other being commerce and direct/personal services).

Three examples of industrial occupation:

1. Extractive industry such as mining, farming, fishing and quarrying, which obtains raw materials directly from nature.
2. Manufacturing industry such as textile, cement and food-processing factories, which convert raw materials into finished goods.
3. Constructive (construction) industry such as building of houses, roads, bridges and dams, which assembles materials into permanent structures.

(b) Three uses of capital as a factor of production

1. It is used to purchase machinery, tools and equipment for production.
2. It is used to buy raw materials and to pay for stock of goods.
3. It is used to pay wages and salaries of workers and to meet other running expenses of the business.

(c) Four uses of land as a factor of production

1. It provides the site or space on which factories, offices, shops and other buildings are erected.
2. It supplies raw materials such as minerals, crops and timber extracted from or grown on it.
3. It is used for farming and rearing of livestock (agricultural production).
4. It provides natural water bodies (rivers, lakes and seas) used for fishing, irrigation and transportation.