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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.
What is purchased by businesses in a resource market?
Businesses purchase the factors of production in a resource market, which are: capital, labor, land and entrepreneurship. (:
What is the role of households in the economic cycle?
To provide all the factors of production to resource markets.
Goods that are used to produce other goods and services are called what resource?
correct answer is Factors of production
Why money is not considered as factor as production?
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.
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 money a factor of production?
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.
What is purchased by businesses in a resource market?
Businesses purchase the factors of production in a resource market, which are: capital, labor, land and entrepreneurship. (:
What is the role of households in the economic cycle?
To provide all the factors of production to resource markets.
What makes a resource?
The factors of production : land, labor, and capital. You need land (soil, water, minerals, trees, etc) to form the resource, labor to create it, and the money to spend to buy the land, factories, equipment, and labor to manufacture the resources.
How much money does a non-renewable resources have?
A non renewable resource is a type of energy production and therefore does not have money.
Goods that are used to produce other goods and services are called what resource?
correct answer is Factors of production
What are some factors of production in the automotive industry?
There are so many factors of production in the automotive industry. Some of them include market demand, availability of resources, human resource, cost of production and so much more.
Why money is not considered as factor as production?
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.
Why money is not consider as a factor of a production?
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.
What did Karl Marx mean by the 'means of production'?
Factors of production = means of production I see it like this, the economy converts factor of production (non-money things) into money. And then this money is reinvested into factors of production Factors of production(non-money) is converted to money Factors of production in my definiton are: raw materials labor technology (the human brain) can also argued as a factor of production Notice I did not say capital is a factor of production, because factors of production are first converted into capital (non-money) which is then sold for money when non money things are converted into capital, their value rises.
What is the importance of factors of production?
three basic thing of production are money plan and hard work
