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What is the remuneration of each of of the four factors of production?
The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.
What are the rewards for the factors of production?
land- rent labour- wages capital- interests organisation- profit
Which of the following describes entrepreneurship?
Combining the other factors of production in a unique way to make a profit (A+)
What are the rewards of the four factors of production?
The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.
How effective is outsourcing?
The factors of production become cheaper thus causing decreased production expenses and ultimately greater margins of profit. Simply put, strategic outsourcing allows one to increase margins of profit.
What are 4 factors of production and their remuneration in detail?
There are four factors of production. The first is land, which payments are for rent. The second is labor, for which the payment is wage. The third is capital, and the payment is interest. The fourth is entrepreneurship and the remuneration is profit.
Factors affecting profit?
factors affecting profit?
How is economic profit determined and what factors contribute to its calculation?
Economic profit is determined by subtracting all explicit and implicit costs from total revenue. Factors that contribute to its calculation include production costs, opportunity costs, and the competitive environment.
What factors contribute to a firm earning zero economic profit?
A firm may earn zero economic profit due to factors such as high competition, low barriers to entry, high production costs, and pricing strategies that do not cover all expenses.
How do you calculate economic profit and what factors are considered in determining it?
Economic profit is calculated by subtracting both explicit costs (such as wages and rent) and implicit costs (such as opportunity costs) from total revenue. Factors considered in determining economic profit include production costs, revenue generated, and the value of alternative opportunities foregone.
What are the four factors of production and the payment that each receives?
The four factors and payments are: 1.land; rent 2.labour; wage 3.capital; intrest 4.enterpreneurship; profit
What factors contribute to a firm earning less than a normal profit?
Several factors can contribute to a firm earning less than a normal profit, including high competition in the market, high production costs, inefficient operations, and external factors such as changes in consumer preferences or economic conditions. These factors can lead to lower revenue and higher expenses, resulting in a firm earning less than a normal profit.
