Describe the five factors of production.

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: 25. What are the four factors of production? a. b. C. d.

A: The four factors of production are: Land – It includes natural resources available for the…

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: An economic system refers to a system of production, allocation and distribution of resources as…

Q: Brazil is building new factories in using new technology. this is an example of investing in which…

A: Factors of production: the resources which are used for producing goods and services such as land,…

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

A: Circular flow of an economy shows that how money and goods and services flow through markets among…

Q: Imagine that you have an "eatery" business, enumerate and briefly discuss your factors of production…

A: The different factors of production include capital, land, labour, and entrepreneurs. These are…

Q: The four factors of production that produce economic activity are ______. a. Corporations, small…

A: Factor of production refers to the inputs needed for the creation of commodity or services

Q: hat is the difference between technology and technological​ change?   A. Technology is the…

A: Technology refers to the processes a firm uses to turn inputs into outputs of goods and services. On…

Q: Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of…

A: The production possibility curve shows different combinations of output that can be produced by…

Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…

A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Which economic activity is a praxis through which people transform nature to meet their needs in the…

A: In terms of economics, praxis is the process in which the transformation of subjectivity is done…

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

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

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: is the only factor of production that needs to be produced. Human resource Capital O Natural…

A: In the realm of economic production, the factor that necessitates deliberate production is human…

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: Explain the 3 different stages of production

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

Q: In the production process, both the average product and marginal product of the variable- input rise…

A: The statement that "In the In the production process both the average product and marginal product…

Q: The factors of production are best defined as the a. output produced from raw materials. b. inputs…

A: The common factors of production are land, labor, capital and enterpreneurship ability. Land earns…

Q: Use the graph below to answer the question. Capital goods B C Point B Point D Point E Point A CO…

A: A graph that shows the most effective way to produce a pair of goods is called the production…

Q: Indicate and discuss the three stages/phases of production by means of ahypothetical graph.

A: There are 3 stages of production which are defined through the law of DMR(diminishing marginal…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: In the circular-flow diagram, which of the following do firms NOT do?   a. use factors of production…

A: In the circular-flow diagram, the following are done by the firms :a)The firm uses factors of…

Q: Which are those economic goods which do not have any type of the physical characteristics they are…

A: According to the given question In simple words we can say that the economic goods are those goods…

Q: Every point on the production possibilities curve represents? a. a greater increase in supply  b.…

A: The production possibility curve is the graphical representation of the different combinations of…

Q: 12. What are the four factors of production? Thanks asap do it

A: Factors of production: -We know that  factors of production are the resources used to produce goods…

Q: The following key concepts under the philosophy of production in Islamic economics are true EXCEPT,…

A: Production is an action to deal with natural substances into completed merchandise. To deal with raw…

Q: 2. The marginal opportunity cost of the second unit of pizza is:

A: Opportunity cost is the benefit that is lost when a different option is chosen. You must balance the…

Q: Draw a production possibilities curve and show the impact of high unemployment and low worker…

A: An explanation of the associated trade-offs and opportunity costs is provided by a production…

Q: A- We have studied the production technology. Explain the concept with an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: There are five economic sectors that house different types of work/economic activities. First, list…

A: There are five unique areas in an economy:  Primary activities  Primary activities are…

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.