Discuss the factors of production and how it can be accessed.

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: The present choice between investing in capital goods and producing consumer goods now affects the…

A: Consumer products are only useful in the short term and do not generate wealth. Capital items will…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: Who owns and who controls the major factors of production?

A: An economy includes all production of goods and services, all selling and buying and all employment.…

Q: Name a way that your family interacts in the factor market and a way that it interacts in the…

A: The market is the place where the buyers and sellers interacts with each other and the exchange of…

Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?

A: There are various schools of economic thought, each with its own beliefs and principles. In a…

Q: What is economic

A: Economic is divided into two major discipline that is microeconomics and macroeconomics. Here,…

Q: What is the importance of stages of production?

A: There are three stages of production,and they are important for businesses to understand and analyze…

Q: what is entrepreneur? in your own words essay

A:

Q: A summary of The Four Factors of Production?

A: The four factors of production are land, labor, capital and entrepreneurship. These are the…

Q: Which economic activity is a praxis through which people transform nature to meet their needs in the…

A: In terms of economics, praxis is the process in which the transformation of subjectivity is done…

Q: Define in your own words what is production and what are the factors that enhances the production in…

A: Introduction and definition if production is given below:

Q: Microeconomic theory studies how a free-enterprise economy determines (a) the price of goods, (b)…

A: Microeconomics is the branch of Economics which studies the behavior of individuals, households and…

Q: Define production and What are the factors of production and what are their reward payments?

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

Q: Why is Entrepreneurship is very important in our economy?

A: Entrepreneurship refers to the building or setting up and establishing a new business with all the…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: Adam Smith did not considered ________ as one of the component of production

A: According to the given question The components of the production in economics can be classified into…

Q: What are the stages of production?

A: The production function shows the technical relationship between factor of production and final…

Q: What mix of inputs should be used to produce a given level of output?

A: The production function refers to the function that determines the maximum quantity of output that…

Q: A curve that shows the maximum amount of any two products that can be produced in an economy from a…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: What is opportunity cost? As scarce resource, financial capital has opportunity cost. What…

A: Opportunity cost is associated with almost every resource used by individuals when making social and…

Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…

A: Scarcity: It means limited availability of goods and services.

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: List the four factors of production

A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…

Q: What are the economic significance of the stages of production

A: In economics, production is defined as a process of combining various inputs to make goods and…

Q: What is production management an important activity?

A: Meaning of Microeconomics: The term microeconomics refers to the situation under which the…

Q: _____ using more capital than labor in the production process?.(fill in the blank)

A: Production process is the process in which inputs are used to make output for consumption.  Capital…

Q: Define Production opportunities

A: It is the ability of an individual or a firm to convert its cost into an opportunity. During the…

Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…

A: In simple circular flow diagram, there are only two entities viz. Household and business houses.

Q: What is the essence of studying the various fundamental laws and theories of learning? Explain.

A: Learning is the process of acquiring skills, knowledge, attributes, and values.

Q: What are diminishing marginal returns?

A: In the production process, different inputs are used to produce final outputs. Land, labor, capital,…

Q: Characterize the different factors of production by identifying their roles in the production…

A: In financial frameworks, the responsibility for of production is thought to be with families, who…

Q: Everything is made up of the four factors of production.  Look at the shirt you have on right now.…

A: The four factors of production are Land Labor Capital Entrepreneur

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF  shows the combinations in the amounts which can be produced of two goods if the production…

Q: What are examples of individual economic agents?

A: Economic agent is a person or an organization who acts as a decision maker that can influence…

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: Question 1- Analyze the below diagram with three phases of production in Economics? Stage StageT…

A: There are three phases of production as follows : Increasing returns to scale. Diminishing returns…

Q: The technically efficient combination of two products a busniness can produce in the current period…

A: Production is the process by which goods and products are made or manufactured from raw materials or…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.