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1) Capital
2) Labour
3) Human capital
4) Land
5) Technology
What else can I help you with?
Which factor of production is a raw material?
natural resource
Which resource or factor of production is the only one that nations can significantly increase in the short-term?
Capital is the only resource or factor of production that nations can significantly increase in the short term.
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 money is not considered as factor as 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 factor of production is a raw material?
A raw material is considered a natural resource, which is one of the four factors of production. It serves as a basic input in the production process, as it is transformed into finished goods or products. Raw materials are essential for manufacturing and agriculture, providing the foundational components needed for creating value through production.
Which factor of production is a raw material?
natural resource
Which resource or factor of production is the only one that nations can significantly increase in the short-term?
Capital is the only resource or factor of production that nations can significantly increase in the short term.
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 money is not considered as factor as 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 factor of production is a raw material?
A raw material is considered a natural resource, which is one of the four factors of production. It serves as a basic input in the production process, as it is transformed into finished goods or products. Raw materials are essential for manufacturing and agriculture, providing the foundational components needed for creating value through production.
What decisions about production must be made to allocate resources effectively?
Information is the basic resource from which decisions are made.
What type of resource is not an economic factor of production?
Money, political resources, and infrastructure are not considered economic factors of production. Money is considered to be a factor used in trade, mostly. Money is used to trade or sell or buy something and for production to move as well. It can be a huge factor that contribute to production but it mostly envelopes the trade industry.
Is money a resource or factors of production?
Money is considered to be a factor of production figuring the more a company makes the more money they will earn.
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 is TV as complementary basic resource?
2) TV as a complementary basic resource
What are factor rewards?
A factor production is a productive resource. The four types are land, labor, capital and enterprise. Rewards for land are rent, for capital is interest, for labor is wages and enterprise is profit.
What factor of production is oil?
Oil is classified as a natural resource, which is one of the four primary factors of production, alongside land, labor, and capital. It serves as a crucial input in various industries, particularly in energy production and manufacturing. As a non-renewable resource, its extraction and use have significant economic implications and environmental considerations.
