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Factors of production refers to the inputs of the production process.
Factors of productions are resources that produce goods and services.
There are four categories of factors of production:
- Land: Natural Resources that we use to produce goods and services such as oil, gas and goal, water, etc.
- Labor: the work time and work effort that people devote to producing goods and services. This includes human capitalwhich is the quality of the labor forming from knowledge and skills of the person obtained from education, on-the-job training and work experience.
- Capital: the tools, instruments, machine, buildings and other items that are used to produce goods and services. This includes machinery, hammers, etc.
- Entrepreneurship: the human resource that organizes labor land and capital. This includes the idea, plan, etc about how and what to produce.
Factors of production refers to the inputs of the production process.
Factors of productions are resources that produce goods and services.
There are four categories of factors of production:
- Land: Natural Resources that we use to produce goods and services such as oil, gas and goal, water, etc.
- Labor: the work time and work effort that people devote to producing goods and services. This includes human capitalwhich is the quality of the labor forming from knowledge and skills of the person obtained from education, on-the-job training and work experience.
- Capital: the tools, instruments, machine, buildings and other items that are used to produce goods and services. This includes machinery, hammers, etc.
- Entrepreneurship: the human resource that organizes labor land and capital. This includes the idea, plan, etc about how and what to produce.
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What do economists consider factor of production?
enumirate the different factor of production?
Why may labor as a mobile factor of production be unwilling to move?
why the labour as a mobile factor of production may be unwilling to move
What is factor price?
the cost of factor of production
Why money is not consider as a factor of a production?
Money is not a factor of production in economics because it is used as a way to facilitate trade, but does not actually produce goods or services on its own. Money is not considered a factor of production because it cannot be made into a good or service. It can only purchase them. Money facilitates trade, but it is not in itself a productive resource. A factor of production is an input to the production process, such as capital. Money is not capital as economists define capital, because it is not a productive resource.
Why is labor a unique factor of production?
Labour is a unique factor of production due to that they play an important role and labour is the important factor on the base of it company performance depends.
What do economists consider factor of production?
enumirate the different factor of production?
What was the Production Budget for Chill Factor?
The Production Budget for Chill Factor was $34,000,000.
Why may labor as a mobile factor of production be unwilling to move?
why the labour as a mobile factor of production may be unwilling to move
What is factor price?
the cost of factor of production
What factor influence a region photosynthetic productivity?
The main factor influencing production is consumer demand.
Why is money a factor of production?
money acts as a factor of production. it is because the other factors of production are indirectly dependent on money. more the money paid to any factor of production more it will work. hence money encourages other factors of production to work more.
Why money is not consider as a factor of a production?
Money is not a factor of production in economics because it is used as a way to facilitate trade, but does not actually produce goods or services on its own. Money is not considered a factor of production because it cannot be made into a good or service. It can only purchase them. Money facilitates trade, but it is not in itself a productive resource. A factor of production is an input to the production process, such as capital. Money is not capital as economists define capital, because it is not a productive resource.
What is the best factor of production?
The best factor of production is money - since it can buy anything - including human resources. By Dr.R.Senapathi.
When did disconnection from food production became a significant factor?
mass production
Why is labor a unique factor of production?
Labour is a unique factor of production due to that they play an important role and labour is the important factor on the base of it company performance depends.
Is capital a factor of production?
Yes.
What is the antonym of factor of production?
laziness
