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Why is entrepreneurial ability considered a category of economic resource that is distinct from labor?
Because the entrepreneur; takes the initiative, makes strategic business decisions, innovates, and bears risk.Entrepreneurial ability is considered to be a completely separate factor of production.
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 factor of production?
enumirate the different factor of production?
Example of what factor of production?
Land, Labour, Capital and Entrepreneurship are the factors of production. Examples are Land, Labour in the form of employees, Capital like machinery used in different companies and industries are examples of factors of production.
What is the difference between labour and entrepreneurship as factors of production?
Labour is human physical and mental effort directed in a production process, and the reward for it is wage or salary. Entrepreneur is a self-driven factor employing all aspects of making a given product. Profit is the reward for that endeavor.
Why is entrepreneurial ability considered a category of economic resource that is distinct from labor?
Because the entrepreneur; takes the initiative, makes strategic business decisions, innovates, and bears risk.Entrepreneurial ability is considered to be a completely separate factor of production.
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 factor of production?
enumirate the different factor of production?
Example of what factor of production?
Land, Labour, Capital and Entrepreneurship are the factors of production. Examples are Land, Labour in the form of employees, Capital like machinery used in different companies and industries are examples of factors of production.
What is the difference between labour and entrepreneurship as factors of production?
Labour is human physical and mental effort directed in a production process, and the reward for it is wage or salary. Entrepreneur is a self-driven factor employing all aspects of making a given product. Profit is the reward for that endeavor.
What was the Production Budget for Chill Factor?
The Production Budget for Chill Factor was $34,000,000.
What is factor price?
the cost of factor of production
Discuss Factor pricing under perfect competition?
factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.
What factor influence a region photosynthetic productivity?
The main factor influencing production is consumer demand.
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.
What factor of production would Steve Jobs of Apple Inc. get classified as?
Steve Jobs would be classified as an entrepreneur, which is a key factor of production. Entrepreneurs are individuals who innovate, take risks, and organize the other factors of production—land, labor, and capital—to create and deliver goods and services. In his role at Apple Inc., Jobs combined creativity and leadership to develop groundbreaking products and drive the company’s growth. His vision and strategic decisions significantly impacted the technology 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.
