ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Question
Expert Solution
arrow_forward
Step 1 Factors of production
Ans. Factors of production are the factors that use in the production process to produce goods and services.
Following are the factors of production:
Land, Labour, Capital, and Entrepreneur
For the service of factors of production, they receive factor payment.
Land - Rent
labor - wages and salaries
Capital - Interest
Entrepreneur - Profit
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- 29arrow_forwardAn open system is one in which neither the heat and work nor the mass of the working substance crosses the boundary of the system O True O False.arrow_forwardWhich government action would be taken ina command economy to address the problem of economic scarcity? O A. offering subsidies on agricultural commodities to decrease surpluses O B. rationing limited resources in order to meet the needs of the state O C. encouraging private investment in technology to increase production D. providing temporary unemployment benefits to encourage job training hparrow_forward
- 20 Cle ef the key factors that determine an econ's al GDPaber productivity, whih am ainpat per her of werk Cutpul per hour. laber fare per hr otal hours worked.arrow_forwardWhen Main Street Bank buys new automatic teller machines, the quantity of land and natural resources labor O physical capital entrepreneurial ability, technology, and ideas in the economy increases.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education