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The Financial Reward is called Profit
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What are the financial rewards for each factor of production?
The Financial Reward is called Profit
Define the marginal production theory?
if the situation of perfect competition prevails in the economy then reward to each factor will equal to its productivity
What is the difference between labour and entrepreneurship as factors of production?
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.
What factor of production earns profit?
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.
How each factors of production used to produce education?
Which factor used by produce education
What are the three components of the economic cycle and how they affect each other?
Sectors of production and goods factor
What do economists consider factor of production?
enumirate the different factor of production?
Explain how a competitive profit-maximizing firm decides how much of each factor of production to demand?
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.
Why which factor of production is represented by each of the following?
To answer your question accurately, please specify the factors of production or examples you would like to analyze. The four main factors of production are land (natural resources), labor (human effort), capital (machinery and tools), and entrepreneurship (business acumen and innovation). Each factor plays a crucial role in the production process and contributes to the overall economy.
What was the Production Budget for Chill Factor?
The Production Budget for Chill Factor was $34,000,000.
What the law of segregation?
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.
What is factor price?
the cost of factor of production
