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What does labor directly contribute to production?
Human effort and ideas drive production
What do the engineers who design the capital goods such as machinery contribute to the production process?
intellectual labor
What is a capital good example and how does it contribute to the production process?
A capital good is a long-lasting tool or equipment used in the production of goods or services. Examples include machinery, buildings, and vehicles. Capital goods contribute to the production process by increasing efficiency, reducing labor costs, and improving the quality of output.
Difference between resource labor and resource entrepreneurship?
labour does actual work & entrepreneurship integrated land, labour and capital to contribute in production.
How does demand of labor affect the level of production?
it affects because labor is the main factor of production so that is to say no labor no production at all
What does labor directly contribute to production?
Human effort and ideas drive production
What do the engineers who design the capital goods such as machinery contribute to the production process?
intellectual labor
What do the engineers who designed the capital goods such as Machinery contribute to the production process?
intellectual labor
What is a capital good example and how does it contribute to the production process?
A capital good is a long-lasting tool or equipment used in the production of goods or services. Examples include machinery, buildings, and vehicles. Capital goods contribute to the production process by increasing efficiency, reducing labor costs, and improving the quality of output.
Difference between resource labor and resource entrepreneurship?
labour does actual work & entrepreneurship integrated land, labour and capital to contribute in production.
How does demand of labor affect the level of production?
it affects because labor is the main factor of production so that is to say no labor no production at all
What was the Production Budget for Labor Day?
The Production Budget for Labor Day was $18,000,000.
How do bags making machines contribute to the efficiency of the manufacturing process?
Bag making machines contribute to the efficiency of the manufacturing process by automating the production of bags, which reduces the need for manual labor and increases the speed and consistency of production. This results in higher output, lower production costs, and improved overall efficiency in the manufacturing process.
The resources that contribute to the creation of wealth are known as?
Factors of Production 1. Land 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge
Land labor capital and Entrepreneurship are what?
Land, labor, capital, and entrepreneurship are the four fundamental factors of production in economics. Land refers to natural resources used in the creation of goods and services, labor encompasses the human effort and skills applied in production, capital includes the tools and machinery used, and entrepreneurship is the ability to innovate and organize these resources effectively to create value. Together, they contribute to the production process and the overall economy.
What is the differences between Fixed Direct labor with variable direct labor?
Direct labor which do not vary with level of production is fixed direct labor while labor vary with change in production is variable direct labor.
What is the impact of changes in the marginal cost of labor on a company's overall production costs?
Changes in the marginal cost of labor can significantly impact a company's overall production costs. When the marginal cost of labor increases, it can lead to higher production costs for the company as they have to spend more on labor. Conversely, if the marginal cost of labor decreases, the company's production costs may decrease as well. This relationship between labor costs and production costs is crucial for companies to consider when making decisions about their workforce and production processes.
