Factors of production

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: Condition that arises because society does not have enough resources to produce all the things…

A: There are mainly three economic problems dealt by each nation. These problems are stated below: a)…

Q: What is a knowledge worker

A: The main capital of knowledge worker is knowledge.

Q: Which statement best explains how human capital affects the manufacturing of a product? It affects…

A: The economic value of a worker's experience and talents is referred to as human capital. Employers…

Q: important role of science and technology in economy

A: The fields of science and technology are extremely important to the functioning of the economy. They…

Q: What will be produced in economic and how it will be produced?

A: The economic questions arise because of the scarcity of resources and the unlimited wants. Economies…

Q: In which type of culture do businesses and people make and spend money? economic culture…

A: The question is asking about the type of culture where businesses and individuals engage in economic…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: what will be a good example a person participated in goods, labor, and financial markets.

A: Goods market is the one in which the goods and services are sold by the firms to the households.…

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: Describe the five factors of production.

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

Q: principles that describe how the economy as a whole works

A: Economy Economy is described as the area in which various amounts of consumption, production, and…