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Capital
Kaitlyn Haley
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What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary to produce goods and services.
Which statement BEST explains the role that labor has in the production of goods and services?
land,labor, and capital are all resources of production necessary to produce goods and services
Why do countries differ in their capacities to produce different goods and services?
Due to there capabilities by there natural resources and labor.
What does a production possibilities curve how?
production possibilities curve is a graphical representation of alternative combinations of amounts of two goods/services that economy can produce by transferring resources from one good/service to the other.
How Goods Services are produced?
goods and services in a market economy should be produced by labor. capital is needed so that physical products are produced by labor. capital tends to make labor more productive. in order to makes products land is needed to create for labor. labor is used to create capital on land to produce wealth.
What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary to produce goods and services.
What is direct metrial and direct labor?
Direct material is that raw material which is required to produce the goods while direct labor is that cost without which no goods can be manufactured.
Which statement BEST explains the role that labor has in the production of goods and services?
land,labor, and capital are all resources of production necessary to produce goods and services
Is a grocery store laser considered capital replacement of human labor in economics?
Capital is a physical asset that can be used to produce goods or service. So a laser in a store is classed as capital.
How do they produce goods in Saudi Arabia?
Using machines and cheap labor from third world countries.
How does Israel produce goods and services?
The same way that every other country does, by using labor.
How do firms purchase or pay for the labor that they used to produce their goods and services?
Salaries and Wages
What do you call the four resources needed to produce goods and services?
land, labor, capital and entrepreneurship
Is direct labor a product cost or period cost?
Direct labor is a product cost because without labor no product can be produce and it has direct relation with production of goods.
What type of business is a subway?
subway is a service business because it uses service labor to complete a task (make you a sandwich They make the subs there there not pre-made so it cant be a marketer or extractor business. And manufacturing businesses mass produce goods.
Why do countries differ in their capacities to produce different goods and services?
Due to there capabilities by there natural resources and labor.
What do people call the skills of workers and the hours they work to make the product?
It takes labor to produce goods.
