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What factor of production directs the work flow of the other 3 factors?
Wiki User
∙ 9y ago
management
Wiki User
∙ 8y ago
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Which factor of production directs the work flow of the other three factors?
Management
What factor of production directs the other three?
Management
Why entrepreneurs is a principal actor in production?
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
Fixed proportions technology?
The Fixed Proportion Production Function, also known as a Leontief Production Function implies that fixed factors of production such as land, labor, raw materials are used to produce a fixed quantity of an output and these production factors cannot be substituted for the other factors.
Which factor of production directs the work flow of the other three factors?
Management
What factor of production directs the other three?
Management
Which of the factor productions directs the work flow of the other three factors?
Management
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.
Why entrepreneurs is a principal actor in production?
IT IS A PRINCIPAL FACTOR IN PRODUCTION BECAUSE 1. The efficiency of other factor of production depends on him 2. The entrepreneur takes the basic decisions concerning the business entreprise 3.He co-ordinates and organises all other factors of production.
What factor that directs and energizes the behavior of humans and other organisms?
motivation
What is the production capacity of sail as a critical success factor?
The percentage changes according to many other factors, competency, conditions etc
Provide an example that represents limited resources?
Factors of production are also termed resources or scarce resources. This factor must be produced using other factors of production, which means that society is often, Farmland provides an example of the blur between land and capital.
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
Australia's 4 factors of production?
Australia's (and every other country) four factors of production are:LandLabourCapitalEntrepreneurship.Hope this helps
What is the opposite of a common factor?
an uncommon factor which is any of the other factors that is not a common factor
What are the factors and prime factors of 1789?
1789 is a prime number and is its only prime factor. Its other factor is 1.
