ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Describe the five factors of production.
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- Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurshiparrow_forwardCapital goods Which points on the graph show the most efficient use of this society's resources? B (B, C, D, E) (A, D, E, F) (A, B, E, C) Consumer goods (A, B, C, D) ^arrow_forwardWhich of the following is NOT a factor of production? The effort of farmers raising cows for milk. The water used to cool a nuclear power plant. The wages paid to workers. The entrepreneurial skill of a small business owner.arrow_forward
- Explain the central problem of “how to produce” in economicsarrow_forwardWhat is a labor abundant economy? A higher level of capital per worker No labor input in the production system Production that require a high level of capital Production that requires a low level of capitalarrow_forwardWith the increase in the production which cost Increases continuously?arrow_forward
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