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The fourth production factor needed to pull all three of the above resources together to make a product or to provide goods and services is called what?
Wiki User
∙ 11y ago
Entrepreneurs.
Wiki User
∙ 11y ago
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Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
Gross domestic product understates the total production of final goods and services because of the omission of?
household production
What can cause shortages or surpluses of goods and services?
over production can lead to a surplus of goods and/or services, and shortages can occur when demand for a product exceeds the productions of said product
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What is Production resources?
a resource based product are those whose production is based on Natural Resources like gold,silver,iron.
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
What is a product in production?
A product is the end result of production. Production is making something or putting something together. Like 7+4=11. :)
What is the definition of factor of product?
The resources used to produce goods and services.
What is production development?
It is the development of new or existing services. Services are in fact products. Goods and services are two types of product.
How does Sales and Production work together?
to make a profit for a business. as production makes the product and sales ( the answer is in the name) · Production first makes the product · Production then gives the product over to distribution · Distribution then sends the product over to sales · Sales then proceed to sell the product
Gross domestic product understates the total production of final goods and services because of the omission of?
household production
What is a product in biology?
A product is the end result of production. Production is making something or putting something together. Like 7+4=11. :)
What is a product is biology?
A product is the end result of production. Production is making something or putting something together. Like 7+4=11. :)
What can cause shortages or surpluses of goods and services?
over production can lead to a surplus of goods and/or services, and shortages can occur when demand for a product exceeds the productions of said product
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
