What are the four factors of production in the industry? Production: Production is a fundamental economic activity where a step-by-step and systematical procedure is used to convert the raw material into the finished and consumable product for the customers at large. The sale of those products ...
Basically, there are four factors of production, on which the entire process depends. These Factors are: Land With respect to factors of production, the word ‘land’ has a different meaning in economics, as it covers all free gifts of nature such as natural resources, air, light, water, ...
Of course, measuring the value of a commodity is tricky. Some goods and services are considered to be worth more than others. For example, a smartphone is more valuable than a pair of socks. Growth has to be measured in the value of goods and services, not just the quantity. Another pr...
State the four specific assumptions upon which the production possibilities curve is based. What are the assumptions necessary to represent the production possibilities in a simple economic system? Describe the production possibilities curve, in an economic environment. ...
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1. The factors of production are Capital, Enterprise, Land and Labour. Remember it as CELL.2. Capital and Interest Enterprise and Profit Labour and Wages Land and wealth( this one is not sure)3. Capital is an invention. It does not rest on any solid material foundation. for ...
What Are the 4 Ps of Marketing? The four Ps or marketing are a “marketing mix” comprised of four key elements—product, price, place, and promotion. These are the key factors that are involved in introducing a product or service to the public. Often referred to as amarketing mix, the...
How?Goodsandservicesareproducedbyusingproductiveresourcesthateconomistscallfactorsofproduction.Factorsofproductionaregroupedintofourcategories:▪Land▪Labor▪Capital▪Entrepreneurship TwoBigEconomicQuestions The“giftsofnature”thatweusetoproducegoodsandservicesareland.Theworktimeandworkeffortthatpeopledevoteto...
B) of scarcity. C) there are many goods available. D) None of the above answers is correct. Answer: B Topic: Scarcity Skill: Conceptual Status: Previous edition, Chapter 1 AACSB: Reflective Thinking 16) An incentive A) could be a reward but could not be a penalty. B) could be a ...
However ,over the past 12months, those commuters have alsoexperienced some of the worst rail strikes in years .Itis all very welltrain operators trumpeting the improvements the are making to thenetwork .but passengers should be able to expect a basic level ofservice for the substantial sums they...