Factors of production the factors of production are, Ask an Expert

Economics

Factors of Production: The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups:

Land - all natural resources (minerals and other raw materials).
Labour-all human resources.
Capital - all man-made aids to production (machinery, equipment and so on).

• Enterprise - entrepreneurial ability. The rate of economic growth that an economy can manage will be affected by the quantity and the quality of the factors of production they have.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9574955

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question what is the peter principle why does it occur and

Question: What is the Peter Principle? Why does it occur and what are some of the consequences? What are some ways to avoid these undesirable outcomes (hint, in class we had three methods to resolve problems internal to ...

Assignment 1 determinants of supply and demanddescribe and

Assignment 1: Determinants of Supply and Demand Describe and analyze the principles of economics that apply to the functions of individual decision makers, both consumers and producers within the larger economic system I ...

Question if you were told the nominal exchange rate between

Question: If you were told the nominal exchange rate between Brazilian real and the US dollar is 1 real to 0.39 dollars, find the real exchange rate if you know the market basked of goods in the US is $95 and for the sam ...

Question a manufacturer estimates that when q units of a

Question: A manufacturer estimates that when q units of a certain commodity are produced the profit obtained is P(q) thousands dollars, where P(q)=-2q^2+74q-72. Part 1. Find the average profit and the marginal profit fun ...

Question a student makes the following argument a price

Question: A student makes the following argument: A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive market equilibrium. A price ceiling, though, increases t ...

Question the following is an excerpt from a conversation

Question: The following is an excerpt from a conversation between two sales clerks, Jean Moen and Sara Cheney. Jean and Sara are employed by Turpin Meadows Electronics, a locally owned and operated electronics retail sto ...

Question if a coal mining company would be willing to

Question: If a coal mining company would be willing to produce and sell 9 million tons a year at $150/ton, but would be willing to produce and sell 11 million tons a year at $250/ton, - calculate its price elasticity of ...

Question in no-fault insurance anyone involved in an

Question: In no-fault insurance, anyone involved in an accident is compensated for losses, regardless of who actually caused it. What do you expect will happen to the volume of auto accidents if no-fault insurance replac ...

Question in the last few years the federal government cut

Question: In the last few years, the Federal government cut the GST (the federal sales tax on goods and services which Ontario later blended into the PST to create the HST) by two percentage points. The federal governmen ...

Question during the great recession like any other economic

Question: During the Great Recession, like any other economic downturns, as unemployment rises, aggregate income declines causing a major decline in tax collections. On the other hand, with the rise in unemployment, spen ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert