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When factors of production perform only tasks they can do more efficiently than others?
Wiki User
∙ 9y ago
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
Wiki User
∙ 9y ago
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How can an entrepreneur ensure that they are operating efficiently?
An entrepreneur will never know if they are working at maximum efficiency other than by comparison to others in the same situation and based on past behavior in the same situation.
What factors cause some firms to become more international than others?
operating characteristics
What is the responsibility of a mutual fund's directors?
The directors of the fund are responsible for overall governance of the fund; they are expected to establish procedures and review the performance of the management company and others who perform services for the fund.
How much will life insurance cost?
It depends on many factors: your age, sex, occupation and health among others, and the amount of insurance that you want to buy.
Why is it possible for competition among firms to force down to capital intensive production?
It is possible for competition to force competitors into capital intensive production in order to compete. When a firm does this, they can gain a competitive edge over others in the industry and get more customers because their competition will have to charge more to cover the expenses.
When some factors production can perform tasks more efficiently than others?
specialization
When some factors of production can perform task more efficiently than others?
scarcity
When factors of production perform only task they can do more than other?
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
What important factors helped built Canada's economy?
You should define that a bit. It could be wheat production, lumber, mineral production or a number of others.
What was the Production Budget for The Others?
The Production Budget for The Others was $17,000,000.
Who builds the fastest production car?
Bugatti but there are others but its not a production car.
What are the factors affecting primary productivity of the marine environment?
Available nutrients are usually limiting factors. This includes the usual elements like Nitrogen and Phosphorous to name a few; there are many others nutrients required as well.There are other abiotic (maybe less obvious) factors that affect primary production in marine environments:-turbulence and critical depth-light-biosphere production-pollution (note: this is not typically considered to have a large influence, though I still find it worth mentioning :p)There are biotic factors that influence primary production as well, just on a small scale in the grand scheme of things.
What are the factors of eight Factors of eight?
some are animals, plants, insects and others
What must exist before a country can specialize its production?
Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.
What two digit number has more factors than others?
96 has 12 factors.
What number has exactly 5 factors?
625 has five factors.16 does, among others.
Who is required to have OSHA forklift training?
There are a variety of jobs that may require a person to have OSHA forklift training. The majority of these jobs are in construction but there are also warehouse and factory jobs that require a person to have OSHA forklift training. The training allows the work to perform the jobs efficiently and in a safe manner as to not harm themselves or others they are working with.
