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Land contributes to production since it is cultivated and crops grown on it. Land also allows people to build structures that house domestic animals.

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10y ago

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Which of the following is one way that land contributes production?

Energy from the enviro fuels production I got yall (:


Where can one find information about the factors of production?

There are definitions on the factors of production located on the Wikipedia website, Investopedia and also Business Dictionary. The four factors of production are the following; land, labour, capital and enterprise.


Who owns the factors of production in the Philippines?

Factors of production is labor land capital entrepreneurship and technology and hence is owned by everyone (including citizens and government) of any company.


What is the reason for the law of increasing opportunity costs?

Economic resources are not completely suited to all forms of uses, i.e. the answer lies in the specificity of resources. One resource is often more suited to the production of a certain commodity above others. For example, land is more suitable to the production of apples than the production of shirts. As we increase the shirt production, more and more land is transferred to production of shirts, where it is less suitable. Therefore, opportunity cost of producing shirts increases.


When production is efficient there?

When production is efficient, resources are utilized in a way that maximizes output while minimizing waste. This means that goods and services are produced at the lowest possible cost, ensuring that the economy operates at its full potential. Efficiency also implies that it is not possible to increase the production of one good without reducing the production of another, reflecting optimal allocation of resources. Overall, efficient production contributes to economic growth and improved standards of living.