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Why are some organisations capital intensive and others labor intensive?
labour intensive means use of manpower in production with little of technology while capital intensive means use of technology in production of a unit of output labour intensive means use of manpower in production with little of technology while capital intensive means use of technology in production of a unit of output
In a mixed market economic system who determines what products should be produced and how they should be produced?
In general the mixed economy is characterized by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity.
How do you produce capitalism?
If you privately own the means of production, you probably will 'produce capitalism.' The means of production: factories, machines, tools et. all. Classic factors: land, labor and capital stock (+ entrepreneurship).
Why a production possibility frontier might shift inwards or outwards?
a production possibility frontier might shift inwards because the labour force shrinks,the supply of raw materials is depletes or a natural disaster decreases the stock of physical capital. a production possibility frontier might move outwards 1 increase the supply of resources.migration increases the labour supply and he discovery of new oil reserves increase the supply of natural resources. 2 improve the technology. the discovery of more efficient means of production will shift the production possibility frontier outwards. 3 select an allocation of goods that has capital accumulation.some consumption must be given up today so that more capital goods can be produced
How do you explain capitalism?
Capitalism is basically 'the possession of wealth' -(OED)
What are the means of production why does the ownership of these divide people?
The means of production are the capital and equipment used to produce goods. Some people believe that economies work best when private entities own the means of production; others believe they work best when the public or the state owns them; yet others argue that they should be owned collectively by those who operate them.Ownership of the means of production is a point of controversy because different ownership structures have implications for the distribution of the economic output produced by capital equipment and land. Whoever owns the means of production receives the passive property income and rental income generated by their operation.
Why are some organisations capital intensive and others labor intensive?
labour intensive means use of manpower in production with little of technology while capital intensive means use of technology in production of a unit of output labour intensive means use of manpower in production with little of technology while capital intensive means use of technology in production of a unit of output
Provide an example that represents limited resources?
Factors of production are also termed resources or scarce resources. This factor must be produced using other factors of production, which means that society is often, Farmland provides an example of the blur between land and capital.
What does bblday mean in oil production?
it means oil produced per day.
A point inside a production possibilities frontier is?
A point inside the PPF means that resources are not being used efficiently. One or more resources (Land, labor, or capital) is being waisted or not used to its potential. More of both goods could be produced than are currently being produced.
Who determines what products should be produced and how they should be produced In a mixed-market economic system?
In general the mixed economy is characterized by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity.
In a mixed market economic system who determines what products should be produced and how they should be produced?
In general the mixed economy is characterized by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity.
Does organic mean good produced?
Not necessarily. It means produced or involving production without the use of chemical fertilizers, pesticides, or other artificial agents.
What did Karl Marx mean by the 'means of production'?
Karl Marx used the term 'means of production' to refer to the physical and non-human resources used to produce goods and services, such as land, factories, and machinery. In Marx's theory of capitalism, ownership of the means of production by the capitalist class leads to exploitation of the working class. He argued for collective ownership of the means of production as a way to achieve a more equitable society.
How do you produce capitalism?
If you privately own the means of production, you probably will 'produce capitalism.' The means of production: factories, machines, tools et. all. Classic factors: land, labor and capital stock (+ entrepreneurship).
Explain what the term 'information' means?
Information if a fact e.g. 'The capital of England is London'. So information is a fact. ;)
What word means Money used to buy tools and equipment used in production?
Capital is money used to buy tools and equipment to make goods or provide services. Capital goods are machines, tools, buildings and the like, used in production.
