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

Q: Explain characteristic of following  economic system: Free market economy

A: Meaning of Free Market Economy: The term free-market economy is the situation under which there…

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: Are goods developed by the military like roads, factories and new technology for communications an…

A: The economics as a study is based upon the idea that resources which each economy have are limited…

Q: What are the characteristics of factors of production Only three characteristics

A: According to the given question The factors of production are also known as the productive resources…

Q: In a market economy, economic activity is guided by Select one: O a. the government O b. central…

A: A market economy is that economy in which economic activities are not regulated by anybody. Instead,…

Q: What are the characteristics of a good economic model?

A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…

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: If someone was to conduct a study in the field of microeconomics, which of the following questions…

A: Economics is a social science that studies people's decision-making processes when faced with many…

Q: how  do firms choose how much output to produce.

A: production is the making system - it is in the same place as the natural/raw substances and parts…

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: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

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: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

Q: Please give two advantages of a free market economy

A: Free market is the one where government does not make market decisions as the demand and supply of…

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 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: Explain what non-economic (or non-market or non-capitalist) values are involved in your example and…

A: Economic pursuit is a person who acts in nature to improve the quality of life and increase work…

Q: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

Q: What are the basics of a "circular economy'? In your answer briefly discuss such concepts as:…

A: The basics of a circular economy: plan out waste and contamination; keep items and materials being…

Q: Why is entrepreneurship considered a factor of production?

A: Factors of production refer to the inputs required to produce economic activities and can be…

Q: List the four factors of production

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

Q: In economics, when discussing the factors of production, the term land refers to A) farmland. B)…

A: Factors of productions are:- Land :- It means all the natural resources required for production of…

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 are Direct Materials?

A: Direct materials are the physical items that are used in the manufacturing process to produce 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: Enlist and explain briefly the drivers of development.

A: policymakers and economic development officials can use ideas about what creates growth as a reality…

Q: How does innovation disrupt the flow of an economy to any given organization? Discuss

A: When talking about the term 'disrupt' it can be said that it is the hurdle or disturbance in a…

Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…

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

Q: Identify the three main types of economic activities. Then tell one way that all three are similar…

A: Identify the three main types of economic activities:- Primary sector activities:- All activities…

Q: True or False  If a good is labour intensive it means that no capital is used in the manufacturing…

A: Factors of production refer to the inputs which are used for the production of a service or a good.…

Q: The human effort applied to the production of goods is called in economics

A: To find : What is human effort applied to production of good in economics

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: What should we produce? How should we produce it? For whom should we produce it?

A: Answer: Introduction: "What should we produce", "How should we produce it", and "For whom should we…

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 do you think is/are the most effective and efficient economic system? Explain your answer…

A: The most effective and efficient economic system is mixed economic system. In this, there is a blend…

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

A: Factors of production are important for carrying out business activities and for overall economic…

Q: Explain the term free-market economy.

A: There are three types of economies: Free market economy Command economy Mixed economy

Q: What are the advantages of a free market economy?

A: A free market is a type of market economy where prices for all goods and services are regulated in…

Q: Describe an interaction in the business world that can be described as each of the following. Note…

A: Since you have asked multiple questions, we will solve the first two for you. If you want any…

Q: What are the environment in which business operates?

A: The business environment is considered to be an essential aspect of any business. A competitive and…