Offshore Oil; An Introduction

Test Yourself ANSWERS

1. Which sector of the economy deals with the collecting/harvesting of raw materials?  PRIMARY
2. Which sector of the economy deals with processing of raw materials to create a product?  SECONDARY
3. Which sector of the economy deals with providing services?  TERTIARY
4. Those materials put into making a product are generally referred to as _?_.  INPUTS
5. Those products produced by manufacturing are generally refereed to as the _?_.  OUTPUTS
6. _?_ manufacturing takes several resources and puts them together to create one product.  SYNTHETIC
7. _?_ manufacturing takes one resource and  creates several different products from it.  ANALYTIC
8. _?_ manufacturing makes minor changes to the raw material.  CONDITIONING
9. The difference between the price of a product and the cost of producing a product.  PROFIT
10. For a small fish plant that produces frozen fish fillets, identify each component:

• Inputs
  • Raw material _____________ COD, RED FISH, FLOUNDER
  • Power _____________ MODERATE ELECTRICITY REQUIRED FOR COOLING UNITS AND MACHINERY
  • Buildings __________________  MODERATE SIZE BUILDING REQUIRED WITH STORAGE ROOM
  • Land __________________  SMALL LAND REQUIREMENT BUT LOCATION ON THE WATER IS KEY
  • Machinery ______________  SMALL AMOUNT OF MACHINERY, MOST WORK DONE BY HAND
  • Labor ________________  SKILLED CUTTERS REQUIRED AND LESS SKILLED LABORERS
  • Capital ________________  FAIR AMOUNT OF MONEY REQUIRED TO BUILD OR PURCHASE A PLANT
  • Decisions ______________  MANY DECISIONS LIKE BRINGING IN FROZEN FISH TO KEEP WORKING THROUGH TOUGH TIMES

   

• Outputs ? _____________  FROZEN FISH FILLETS
• Conditioning or analytic or synthetic processing?? ______________  CONDITIONING

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