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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 considered the passive factor in production?
land
Is sunlight considered a factor of production?
An economist considers the Sun a factor of production or a variable of land. The sun is considered as a Oil and mineral deposits, or water to an eonomist.
The fourth production factor needed to pull all three of the above resources together to make a product or to provide goods and services is called what?
Entrepreneurs.
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.
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 considered the passive factor production?
land
What is considered the passive factor in production?
land
Is sunlight considered a factor of production?
An economist considers the Sun a factor of production or a variable of land. The sun is considered as a Oil and mineral deposits, or water to an eonomist.
The fourth production factor needed to pull all three of the above resources together to make a product or to provide goods and services is called what?
Entrepreneurs.
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.
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.
What factor of production earns profit?
The factor of production that earns profit is entrepreneurship. Entrepreneurs organize and combine the other factors of production—land, labor, and capital—to create goods and services. They take on risks and innovate, and their profit serves as a reward for their efforts in managing and directing the production process. Profit can be seen as the return on investment for their initiative and creativity in the market.
Who Are businessmen who take on and guide production?
Entrepreneurs
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.
Is a garbage truck a factor of production?
Yes, it is considered capital.
A company's fleet of trucks represent which kind of factor of production?
It is considered capital.
