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An economic system in which individuals own the factor of production and make their own decisions?
Wiki User
∙ 12y ago
capitalism
Wiki User
∙ 12y ago
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What type of resource is not an economic factor of production?
Money, political resources, and infrastructure are not considered economic factors of production. Money is considered to be a factor used in trade, mostly. Money is used to trade or sell or buy something and for production to move as well. It can be a huge factor that contribute to production but it mostly envelopes the trade industry.
Why is entrepreneurial ability considered a category of economic resource that is distinct from labor?
Because the entrepreneur; takes the initiative, makes strategic business decisions, innovates, and bears risk.Entrepreneurial ability is considered to be a completely separate factor of production.
Why entrepreneurs is a principal actor in production?
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
The history of economic growth in the nineteenth century focused on what as the most important factor of production?
Capital
What are the three components of the economic cycle and how they affect each other?
Sectors of production and goods factor
Who are the main owners of the four factor of production in durban?
private individuals
What type of resource is not an economic factor of production?
Money, political resources, and infrastructure are not considered economic factors of production. Money is considered to be a factor used in trade, mostly. Money is used to trade or sell or buy something and for production to move as well. It can be a huge factor that contribute to production but it mostly envelopes the trade industry.
What is a capital as a factor of production?
Capital as a factor of production entails goods that are produced through human labor in an economic system. This does not include Natural Resources or land.
Why is entrepreneurial ability considered a category of economic resource that is distinct from labor?
Because the entrepreneur; takes the initiative, makes strategic business decisions, innovates, and bears risk.Entrepreneurial ability is considered to be a completely separate factor of production.
Why entrepreneurs is a principal actor in production?
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
The history of economic growth in the nineteenth century focused on what as the most important factor of production?
Capital
What are the three components of the economic cycle and how they affect each other?
Sectors of production and goods factor
Which factor plays the biggest role in motivating economic decisions in a traditional economy?
commitment to maintaining long-standing customs
What has the author Daryl Carlson written?
Daryl Carlson has written: 'Calculating frontier multi-product, multi-factor production and cost relationships' -- subject(s): Production functions (Economic theory)
What do economists consider factor of production?
enumirate the different factor of production?
What does economic factor mean for a Coca-Cola?
does coca cola have a economic factor
What was the Production Budget for Chill Factor?
The Production Budget for Chill Factor was $34,000,000.
