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What are the 4 basic inputs that make up the factors of production?
Wiki User
∙ 13y ago
land , labour , capital , organization
Wiki User
∙ 13y ago
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How do you produce this output?
You make use of capital and factors of production.
What is an economic region of production?
The economic region of production shows the combinations of factors at a certain cost that make economic sense. Areas outside the economic region of production mean that at least one of the inputs has zero or negative marginal productivity. This region is marked by what are called ridge lines, which are simply the boundaries beyond which one of the two factors is being overused. Therefore, outside the economic region of production, there is clear inefficiency, and the company would be better of using less of one of the two factors, bringing costs down whilst maintaining equal production output. Graphically:
What is a system in which individuals own factors of production and make economic decisions?
mixed economy
What are the factors affecting the production function?
Why we would ever reduce production Here are many factors which cause decrease in production such as Increasing costs of inputs Decrease in DMD. If the cost of labor have increased Minimum wage has risen, thus to make an additional unit the fixed costs may have increased. Consumer preference may have changed. The firm may have faced dis economies to scale. Expectation of price rise in future. More firms are entered in market. If more taxes levied by govt. Rate of profit is minimizes Substitute is available in market.
Using factors of production to make one product always means that?
fewer resources are left to make something eles
What is production concept?
Using different types of inputs to make an output is production. e.g. a firm production wheat. thus production refers to the transformation of inputs or resources into outputs of goods and securities ( education, medicine, banking, communication, transportation)
What is the basic 5 factors to make good garment quality products?
Type your answer here..what is the basic 5 factors to make good quality products
What does production theory help us understand?
Production theory helps us understand how firms make decisions regarding the combination of inputs to produce goods and services efficiently. It helps in analyzing factors that influence production, such as technology, resource availability, and costs. Additionally, production theory is important for understanding how changes in input quantities and technology impact output levels and firm profitability.
How do you produce this output?
You make use of capital and factors of production.
What is an economic region of production?
The economic region of production shows the combinations of factors at a certain cost that make economic sense. Areas outside the economic region of production mean that at least one of the inputs has zero or negative marginal productivity. This region is marked by what are called ridge lines, which are simply the boundaries beyond which one of the two factors is being overused. Therefore, outside the economic region of production, there is clear inefficiency, and the company would be better of using less of one of the two factors, bringing costs down whilst maintaining equal production output. Graphically:
What are resources used to make all goods and services?
factors of production
What are resources used to make all goods and services called?
factors of production
What is a system in which individuals own factors of production and make economic decisions?
mixed economy
Which of the following describes entrepreneurship?
Combining the other factors of production in a unique way to make a profit (A+)
What are the resourcs used to make all goods and services called?
Human capital
Using factors of production to make one product always means that?
fewer resources are left to make something eles
What are the factors affecting the production function?
Why we would ever reduce production Here are many factors which cause decrease in production such as Increasing costs of inputs Decrease in DMD. If the cost of labor have increased Minimum wage has risen, thus to make an additional unit the fixed costs may have increased. Consumer preference may have changed. The firm may have faced dis economies to scale. Expectation of price rise in future. More firms are entered in market. If more taxes levied by govt. Rate of profit is minimizes Substitute is available in market.
