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The price in the production of goods determines if the country will import or export the good. If the country's price is above the world price, it will import the good because it will be cheaper for them to buy it than to make it. If the country's price is below the world price, it will export the good because it can produce the good at a lower price than the rest of the world.
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Importance of factors of production?
factors of production unable the production of goods and services to take place and the satisfaction of human wants.
What is the importance of capital goods in economics?
capital goods helps in the production of fenish goods for consumtion.In most cases capital goods can not be use to satisfy consumers,unless it under goes certain processing.Productin is said not to be compleat unless it reaches the final consumer.On this note it tells us production of fenish goods for consumption is a cardinal in production of goods and services
Which innovation allowed for mass production of goods?
Interchangeable parts opened the way for producing many different kinds of goods on a mass scale and for reducing the price of the goods.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What are the effects of price controls?
The answer to your question depends mostly on the type of goods controlled. If the goods are necessities, then the control helps the poor people of the economy and ensures their sustainability. If the goods are not necessities, then price fixing will retard economic growth and discourage production of the said commodity.
Importance of factors of production?
factors of production unable the production of goods and services to take place and the satisfaction of human wants.
What is the importance of capital goods in economics?
capital goods helps in the production of fenish goods for consumtion.In most cases capital goods can not be use to satisfy consumers,unless it under goes certain processing.Productin is said not to be compleat unless it reaches the final consumer.On this note it tells us production of fenish goods for consumption is a cardinal in production of goods and services
What is the effect of mass-production on the price of goods?
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Importance of price elasticity of supply?
There are four main factors that influence supply elasticity. Those factors are the ability to produce other goods; the ability to shut down and cease business; the ability to take advantage of alternative resources; and the amount of time it takes to respond to changes in price.
Which innovation allowed for mass production of goods?
Interchangeable parts opened the way for producing many different kinds of goods on a mass scale and for reducing the price of the goods.
How would mass production effect the price of goods?
It would make the value of the item decrease.
What are the importance of purchasing and stores function in any organization?
evens the supply of goods and reduce price fluctuations.
Importance of mass production?
Mass production is important so valuable goods and products can be put quickly into the hands of people who need them. Mass production also provides jobs for a lot of people.
When the price of a capital good increases what happens to the price of related consumer goods and services?
Prices increase due to the increase in production costs.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What are the effects of price controls?
The answer to your question depends mostly on the type of goods controlled. If the goods are necessities, then the control helps the poor people of the economy and ensures their sustainability. If the goods are not necessities, then price fixing will retard economic growth and discourage production of the said commodity.
Which of the following best explains the profit motive?
Minimize costs and maximize revenue.APEXXthe desire to make money through the production of goods and servicesThe desire to make money through the production of goods and servicesa. The incentive to buy at a low price in order to be able to sell at a higher price.b. The desire to make money through the production of goods and services.c. The decision to allow market forces to decide on the price of goods and services.d. The motivation to work hard at a job in order to buy more goods and services.B.
