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What are the production factors and explain why each is necessary for production to take place?
Wiki User
∙ 11y ago
Land: This term is used to cover all of the Natural Resources provided by nature and includes fields and forests,oil,gas,metals and other mineral resources
Labour:This is the efforts of people needed to make products
Capital: This is the finance, machinery and equipment needed for the manufacture of goods
Enterprise : This is the skill and risk taking ability of the person who brings the other resources or factor of production together to produce a good or service. for example, the owner of a business. these people are called entrepreneurs.
Wiki User
∙ 11y ago
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Importance of factors of production?
factors of production unable the production of goods and services to take place and the satisfaction of human wants.
Explain the three levels of production where business activity takes place and the main factors to be takes into account when choosing the location of a factory?
The 3 levels of production where business activity takes place are: 1. Subsistence level 2. Surplus level and 3. Domestic level. The main factors to be taken into account when choosing the location of a factory are: land, labour and capital.
Could production and consumption take place with money?
could production and consumption take place without money
What question must be asked in order for economic production to take place?
How is production to be organized
What things are necessary for production to take place?
The input of land, labor, and capital
Importance of factors of production?
factors of production unable the production of goods and services to take place and the satisfaction of human wants.
Why is necessary for production take place?
The input of land, labor, and capital.
Explain the three levels of production where business activity takes place and the main factors to be takes into account when choosing the location of a factory?
The 3 levels of production where business activity takes place are: 1. Subsistence level 2. Surplus level and 3. Domestic level. The main factors to be taken into account when choosing the location of a factory are: land, labour and capital.
What following are necessary for production to take place?
the input of land, labor, & capital
What is the difference between trial production and commercial production?
Trail Production: -Trial production takes much more time than commercial production. Trial production means production may be defective. Trial production is necessary before commercial production takes place to get know the defects in the plant. Commercial production: - Production which is intended for sale in open market at large scale. at commercial production a company produces products at its full capacity of plant.
Why human finish after finishing of bees?
Because much of the pollination necessary for crop production, and wild flora, cannot take place without bees.
Explain the contextual factors that influence the use of language in text messages?
purpose, audience, place setting, age, gender, formality etc..
What factors best explain the participation of young people in youth culture?
Factors that best explain young people's participation in youth culture include a sense of identity and belonging, peer influence, media and technology, and the desire for self-expression and exploration. These factors can shape their interests, values, and behaviors, creating a shared culture that helps young people navigate adolescence and establish their place in society.
What was the Production Budget for The Place Beyond the Pines?
The Production Budget for The Place Beyond the Pines was $15,000,000.
What was the Production Budget for A Lonely Place to Die?
The Production Budget for A Lonely Place to Die was $4,000,000.
What was the Production Budget for America Is Still The Place?
The Production Budget for America Is Still The Place was $500,000.
What is productive function?
Production function Equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. It states the amount of product that can be obtained from every combination of factors, assuming that the most efficient available methods of production are used. The production function can thus measure the marginal productivity of a particular factor of production and determine the cheapest combination of productive factors that can be used to produce a given output.
