The Financial Reward is called Profit
The Financial Reward is called Profit
if the situation of perfect competition prevails in the economy then reward to each factor will equal to its productivity
Labour is human physical and mental effort directed in a production process, and the reward for it is wage or salary. Entrepreneur is a self-driven factor employing all aspects of making a given product. Profit is the reward for that endeavor.
The factor of production that earns profit is entrepreneurship. Entrepreneurs organize and combine the other factors of production—land, labor, and capital—to create goods and services. They take on risks and innovate, and their profit serves as a reward for their efforts in managing and directing the production process. Profit can be seen as the return on investment for their initiative and creativity in the market.
Which factor used by produce education
Sectors of production and goods factor
enumirate the different factor of production?
A competitive profit-maximizing firm determines the quantity of each factor of production to demand by equating the marginal product of each factor to its marginal cost. The firm will continue to hire more of a factor as long as the additional revenue generated from that factor (marginal product times the price of the output) exceeds its cost. This process ensures that the firm utilizes resources efficiently to maximize profits. Ultimately, the firm adjusts its factor inputs until the marginal cost of each factor aligns with the added value it produces.
The Production Budget for Chill Factor was $34,000,000.
the principle, originated by Gregor Mendel, stating that during the production of gametes the two copies (alleles) of each hereditary factor segregate so that offspring acquire one factor from each parent.
the cost of factor of production
The main factor influencing production is consumer demand.