To Check: The use of factor of production by business.

Question

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Answer 1

Question

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

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Answer 2

Question

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

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Answer 3

Question

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

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Answer 4

Question

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

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Answer 5

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

Answer 6

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.

Answer 7

Chapter 1, Problem 1AA

To determine

To Check: The use of factor of production by business.

Answer 8

Expert Solution & Answer

Explanation of Solution

To open a business that paints people’s houses will require capital along with strong entrepreneurship because capital is the first thing that is needed to open a business. Secondly, the land will be required to open the office and business will also require labor to paint the houses. Suppose, these factors are arranged then-new technology will help to boost productivity. For example, if the person wants to improve the output or productivity then it is required to have new technology. Moreover, the company has to maintain the skilled laborer because there is a scarcity of skilled labor in the market.