Define production and What are the factors of production and what are their reward payments?

Q: (h)  sugar  industry is a subject matter of micro economics. Give reason.  (i) what do you mean by…

A: Microeconomics deals with the behavior of firms and individuals in making decisions regarding the…

Q: Using the concept of production possibility curve, explain how it can be used to  show the…

A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…

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: Factors of production are A) the mathematical calculations firms make in determining their optimal…

A: Economics has categorised four major types of factors of production. They are land, labor, capital…

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

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

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's in the flow? Use the infomation fromyour PowerPoint (week-1) to answer the following…

A: In a resource market, a firm can purchase resources needed to produce a good, i.e., land, labor,…

Q: Types of Production A B D E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 What is the…

A: Here, a production possibility schedule is given for two types of goods, capital goods and consumer…

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: Test- What is micro economics?

A: Economics is the study of how the society uses its limited resources. Thus, the economics is a…

Q: 1. Explain the relationship between the terms in each of these pairs: c. factors of production…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Define in your own words what is production and what are the factors that enhances the production in…

A: Introduction and definition if production is given below:

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: Explain the 3 different stages of production

A: The rule of diminishing marginal returns is a principle that economists acknowledge as defining…

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 are the important forms of production?

A: The concept depicts the way in which businesses tend to take inputs and then convert them into…

Q: A curve that shows the maximum amount of any two products that can be produced in an economy from a…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Both Tom and jerry work eighht hours a day. Tom can produce six baskets of goods per hour while…

A: Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry…

Q: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: What goods and services—and how much of each—will be produced?

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: (c) What is the importance of stages of production?

A: There are three stages of production are : Stage 1 : Increasing returns to scale  Stage one is the…

Q: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: List the four factors of production

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

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: 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 is the importance of stages of production?

A: There are 3 stages to the production process which are as follows: 1. "Output increases at an…

Q: What is production management an important activity?

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

Q: What are the 4 factors of production

A: The production function shows the technical relationship between factor of production and the output…

Q: Activity 2.1 Define an economic system Explain the economic problem of scarcity.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 8) Which of the following are considered factors of production? LLand II. Labor III. Physical…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Harry Homeowner pays $300 monthly on a mortgage in a community where identical houses rent for $800…

A: Opportunity cost is being calculated by an investor by making a comparison of returns of two options…

Q: What is the Theory of Production in economics? Explain..

A: Answer: In economics, the technical relationship between the input and output is explained by the…

Q: what are the five common main objectives of firms?

A: The firms are commercial enterprises which buy and sell products and/or services to consumers in…

Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…

A: A production possibility curve shows various combinations of two goods that an economy can produce…

Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…

A: In simple circular flow diagram, there are only two entities viz. Household and business houses.

Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. We…

A: Productive efficiency is when the producer can produce more of one commodity without sacrificing or…

Q: 1. Any resources that are made by humans and used to create other goods and services are called…

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

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: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: idea of scarcity

A: Scarcity, in general, is the lack of availability of a good. In economics, scarcity is defined as an…

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: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF  shows the combinations in the amounts which can be produced of two goods if the production…

Q: Question 1- Analyze the below diagram with three phases of production in Economics? Stage StageT…

A: There are three phases of production as follows : Increasing returns to scale. Diminishing returns…

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…

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.