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∙ 14y ago
Factors of production are typically owned by individuals, businesses, or the government. Land is owned by individuals or governments, labor is owned by individuals, capital is owned by businesses or individuals, and entrepreneurship is typically owned by individuals who take the risk to start and run a business.
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What is a sentence for factors of production?
The factors of production are the resources needed for producing goods and services in an economy, including land, labor, capital, and entrepreneurship.
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.
What does inefficiency inside the PPF curve mean?
Inefficiency inside the PPF curve means that resources are not being fully utilized in the economy. This could be due to factors such as unemployment or underutilization of technology, resulting in less than optimal production levels. Inefficiency inside the PPF curve indicates that it is possible to produce more of one good without sacrificing the production of another.
How can modernization be achieved?
Modernization can be achieved through investments in technology, infrastructure, and education. It involves adopting innovative practices, improving efficiency in production and service delivery, and adapting to changing market demands. Collaboration between the public and private sectors, as well as effective governance and regulations, are also key factors in achieving modernization.
Describe the domestic level of production?
At the level of domestic production, everything is produced locallyI.E in the home country. This level does not involve any imports from foreign countries. Both human and natural resources are employed and the whole economy is dependant upon what it can produce from these resources. Some develop countries such as the united states try to grow all of the food they need because they have the resources to do so. However, the majority of countries of the world have to depend on imported goods.
Who owns the factors of production in cuba?
The government owns the factors of production. Since Cuba has a dictatorship and Raul Castro is now in charge, it can be said that he owns the factors of production.
Who owns the factors of production in market economy?
factors of production by govt. , by society and privetly
What government owns and operates the factors of production?
Command
Who owns the factors of production in France?
Producers would own the factors of production anywhere, not just France.
Who owns the factor of production in a market economy?
factors of production by govt. , by society and privetly
Who owns the factors of production in egypt?
buharni its the capital jerusalem city mecor
Which economic institution owns the factors of production in a market economy?
communism households
Who owns and controls the factors of production in a mixed economy?
both the government and private sectors
Who owns China's Factors of Production?
ankit ka mtalav kya hiType your answer here...
Who in Italy owns the factors of production?
well, it imports so many things that it also provides the needs and wants of the people who need them so basically Italy owns the production factor..............
The economic and political system which the government owns almost all major factors of production?
communism
Who owns the factors of production in the Philippines?
Factors of production is labor land capital entrepreneurship and technology and hence is owned by everyone (including citizens and government) of any company.
