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What is an economic or productive factor required to accomplish an activity?
resource
What factors do economists consider to be economic resources?
Generally, economic resource (reward): Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). Combined with management and economic risk taking and specific needs of the market give output.
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
Is money a resource?
A resource is an economic or productive factor required to get things done. Money is certainly a resource, however, it is not a natural resource like water or lumber or minerals; it is an artificial social construct, however, it certainly is useful. because MONEY MAKES THE MARE GO. & A LIGHT PURSE IS A HEAVY CURSE.
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 is an economic or productive factor required to accomplish an activity?
resource
What factors do economists consider to be economic resources?
Generally, economic resource (reward): Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). Combined with management and economic risk taking and specific needs of the market give output.
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
Is money a resource?
A resource is an economic or productive factor required to get things done. Money is certainly a resource, however, it is not a natural resource like water or lumber or minerals; it is an artificial social construct, however, it certainly is useful. because MONEY MAKES THE MARE GO. & A LIGHT PURSE IS A HEAVY CURSE.
Managers and economists traditionally have seen human resource management as?
A necessary expense.
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.
Why do economists consider human resources more important that natural resources in determining a countrys future?
Human resource contains immense importance and plays a fundamental role in the development of a country. skilled and trained human resource is necessary for proper utilization of natural resources. since human resource is an active ingredient while natural resource is passive in a way of development
What is one productive resource that all people own regardless of their wealth?
One productive resource that all people own regardless of their wealth is time. Everyone has been given time in equal measure.
Is land an example of an economic resource?
definition of land resource
Which productive resource made trade between these regions possible?
camels - studyisland
Lack of productive land and resources made Europeans?
Aggressive, military and selfish.Develop technology in order to gain,maintain or resist military,economic and/ or political advantage.Venture to other parts of the world in search of valuable resource.
What is economic resource difficulty?
The main economic resource of difficulty is scarcity of resources.
