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the machinery and tools used to create a product are part of which factor of production?
capital
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Why are factors of production important in business?
Factors of production are important in business because managers can improve their position when they know what contributes to production. The type of machinery used in production is a factor in production.
Why is the garbage truck factor of production?
Physical Capital consist of things like machinery equipment, factory, bulding, computers & even hand tools
What do economists consider factor of production?
enumirate the different factor of production?
How is national income estimated by income distribution method?
In this method, national income is measured at the stage when factor incomes are paid out by the production units to the owners of the factors of production. The main steps involved in this method are as follows: (1) Classify the production units into distinct industrial sectors like agriculture, forestry, manufacturing, banking, trade etcetera. (2) Estimate the following factor incomes paid out by the production units in each industrial sector: (a)Compensation of employees (b)Rent (c)Interest (d)Profit The sum total of the above factor incomes paid out is the same as net value added at factor cost the industrial sector. (3) Take the sum of factor payments by all the industrial sectors to arrive at the net domestic product at factor cost. (4) Add net factor income from abroad to the net domestic product at factor cost to arrive at the net national product at factor cost.
Which of these in an example of the labor factor of production?
the worker used to make the product A+LS: A woodworker who makes furniture
What is factor and what is a product?
A factor multiplies with another factor to create a product.
Which factor of production includes such things as machinery and buildings used in the production of other goods?
capital
Factor are multipiled to create a?
product
Why are factors of production important in business?
Factors of production are important in business because managers can improve their position when they know what contributes to production. The type of machinery used in production is a factor in production.
What is a factor a simple answer?
A factor is a number that multiplies with another number to create a product.
How is a factor related to the prouduct?
Factors combine to create a product.
What are five factors of production?
Many factor tie into production but five factors of production are: product, capabilities, volume, safety, and sales.
Are factor pairs and multiples the same thing?
No. Factor pairs can be combined to create multiples.
What is the definitions and characteristictors of factors of production?
the definition of a factor is two multiples multiplied together to get a product
Which factor of production includes such things as plants and minerals used to create products?
The factor of production that includes plants and minerals used to create products is natural resources. These resources are essential for various economic activities and can be renewable or nonrenewable.
Tow truck is an example of what factor of production?
A single example of a capital factor of production is a tow truck. The technology, machinery, equipment, and tools utilized in the production of products and services are referred to as capital. A tow truck falls under the capital category as it is a piece of equipment utilized in the towing and recovery sector.
Why is the garbage truck factor of production?
Physical Capital consist of things like machinery equipment, factory, bulding, computers & even hand tools
