Everything is made up of the four factors of production.  Look at the shirt you have on right now.  List the four factors of production and give a specific example of each which might have been used in the production of your shirt.  You have to be specific with each factor. You cannot say "resources" or "land".

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

A: Circular flow of an economy shows that how money and goods and services flow through markets among…

Q: assume that you happen to see a ripe mango fallen from a tree lying along a public roadside. if you…

A: Public Goods are defined as the goods on which no single entity can claim ownership. This is because…

Q: Imagine that you have an "eatery" business, enumerate and briefly discuss your factors of production…

A: The different factors of production include capital, land, labour, and entrepreneurs. These are…

Q: Discuss the concept of Economic Goods.

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

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: Question 1 What does the Production Possibilities Frontier of a firm show and how does it relate to…

A: Scarcity is a basic economic concept which states that the goods and services that are used to…

Q: 14. Your business profits have increased. Instead of putting that money into your personal bank…

A: Disclaimer :- as you posted multiple questions we are supposed to solve the first one only. But 14…

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

A: A market is a place or system where the buyers and sellers interact with each other, they buy and…

Q: Discuss ONE idea from the course so far that you find most interesting and actually useful in real…

A: Microeconomics is the study of principles of economics that apply to the behavior of individuals…

Q: Draw a production possibilities curve for food and clothing. If you are operating on the curve, what…

A: The Production Possibilities Frontier (PPF) illustrates all the possible output combinations of two…

Q: Describe the five factors of production.

A: Certain inputs are necessary for economic systems to function properly. The factors of production…

Q: What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A…

A: A final good is a commodity which is used or used by the end user. The successful (product) needs no…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: In a market, a producer uses various techniques to understand the purchasing behavior of the people…

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: Shirley Bennett wants to open a new food- based business. She is trying to decide between a grocery…

A: Market: The total number of buyers and sellers in a given area or region is considered to be a…

Q: Define the four ecconomic resources (the factor of production).How are they Relevant to the…

A: Economic resources or factor inputs are used in production of output. These are also known as…

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: What do you mean by the production possibilities of an economy

A: Production possibilities of an economy refer to different combinations of goods and services which…

Q: What happens when production is inside the production possibilities curve? The production is not…

A: Production possibilities curves represent the possible production of the goods and services with…

Q: Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what…

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

Q: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of  "What goods are to be produced", "How to produce", and "For whom to…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Which are those economic goods which do not have any type of the physical characteristics they are…

A: According to the given question In simple words we can say that the economic goods are those goods…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Economic perspective is a way of seeing the the argument by the lens of economics.  This is the way…

Q: Potatoes cost Janice $1.00 per pound, and she has $6.00 that she could possibly spend on potatoes or…

A: Total utility is defined as the satisfaction obtained from all units of the commodity consumed. It…

Q: You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If…

A: Opportunity cost is the foregone benefit derived from not choosing the alternative option.

Q: How does a business owner applying the concept of marginal costs decide how much to produce? For…

A: The marginal cost is the cost of producing one additional unit of output or the cost of consuming…

Q: I what are the factors of production

A: Meaning of Production Function: The term production function refers to the situation under which a…

Q: Economics is about the production of goods and services, which requires the allocation of: a.…

A: Finance is a sociology concerned with investigating how social orders use scarce assets to deliver…

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: Use the information in the table to answer the below question.                       Production…

A: Optimal hours is found when MB >= MC,  where MB = Change in total benefit / Change in hours MC =…

Q: Production Possibility Frontier (PPF) - This graph shows the maximum combination of two goods that…

A: A graphical representation of the maximum amount of output that a country's economy is capable of…

Q: The resources used to make all goods and services are the * production possibilities. production…

A: Meaning of Production: The term production refers to the situation under which a firm occurs…

Q: Marx writes that, in order to understand surplus-value, we have to divide the workday into two…

A: Surplus value is defined in Marxian economics as the difference between the amount raised via the…

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.