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.
Which factor used by produce education
Sectors of production and goods factor
enumirate the different factor of production?
The Production Budget for Chill Factor was $34,000,000.
the cost of factor of production
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 main factor influencing production is consumer demand.
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.
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.