Q: What do you call the man-made resources used in the production of goods and services? Oa land Ob.…
A: The use of natural objects to build anything innovative that offers our life with usefulness and…
Q: 6. Which of the following statements about factors of production is aise Ahe term 'factors of…
A: Factors of production are resources which are required for the production of goods and services in…
Q: Explain the above statement with the help of a graph.
A: This is a key consequence of the H-O hypothesis, which asserts that a country will export the…
Q: Describe a way that your family interacts in the factor market and a way that it interacts in the…
A: Circular flow of an economy shows that how money and goods and services flow through markets among…
Q: Factors of production are A) the mathematical calculations firms make in determining their optimal…
A: Economics has categorised four major types of factors of production. They are land, labor, capital…
Q: What are the characteristics of factors of production Only three characteristics
A: According to the given question The factors of production are also known as the productive resources…
Q: Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Figure 2-1 A Markets…
A: The circular flow of money explains how money and goods are circulated between the household sector…
Q: 2/3 With the production function Y A+KL,if we double, we get an increasing returns production. OA.…
A: Given: Yt=AtKt13Lt23where,A=Stock of ideaK=CapitalL=Labor Since A is given as stock of ideas, this…
Q: Production is efficient if the economy is producing at a point 1S
A: Production indicates the total output produced in the economy. The production of goods is very…
Q: State two important of each factors of production
A: Factors of production are the resources required to produce goods and services in an economy. These…
Q: Diamond is an organic brocolli farmer, but she also spends part of her day as a professional…
A: Diamond is an organic broccoli farmer. She is also a professional organizing consultant. Amount she…
Q: 1. Explain the relationship between the terms in each of these pairs: c. factors of production…
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: state the three stages of production
A: Marginal returns is an additional increase in output from employing an additional unit of input.
Q: Goods and services which help in the production process are called: (a) Raw materials (b) Factors of…
A: # We need resources and technology to produce goods and services in the economy and to satisfy our…
Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…
A: Capitalist economy: It is an economic framework where private people or organizations own capital…
Q: Explain the 3 different stages of production
A: The rule of diminishing marginal returns is a principle that economists acknowledge as defining…
Q: What mix of inputs should be used to produce a given level of output?
A: The production function refers to the function that determines the maximum quantity of output that…
Q: EBP Construction is producing cements and plywood. The production function of the economic goods are…
A: Production possibility curve shows the combination of two goods that a country can produce with…
Q: Both Tom and jerry work eighht hours a day. Tom can produce six baskets of goods per hour while…
A: Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry…
Q: The optimal level of production is the level that either maximizes profits or minimizes losses. How…
A: Answer: An optimal level of production refers to that level of output where the profit is maximum or…
Q: Which of the elements of this scenario represent a flow from a firm to a household? This could be a…
A: A flow from a firm to a household normally takes place in the form of rent, wages, interest, and…
Q: Which of the following is the best example of "what goods and services should be produced?" the…
A: We know whether it is developed or underdeveloped countries each has to face the central problem…
Q: Discuss “Land” as a special input of production?E xplain in deatail
A: Modern economists consider land as a special input of production, which can be used in several ways.…
Q: Explain each of the factors of production and provide examples of each. (need to be clear and…
A: Production refers to the process of combining various resources (material and immaterial inputs) in…
Q: What determines whether a good is “capital” or a “consumer good”? How it is purchased: with…
A: Capital merchandise square measure merchandise that square measure utilized by one company to help…
Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…
A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…
Q: Which are those economic goods which do not have any type of the physical characteristics they are…
A: According to the given question In simple words we can say that the economic goods are those goods…
Q: (6) List and describe the 4 types of economic systems. I your description, be sure to define what an…
A: 6)4 types of economic system a)Planned economic system b)Unplanned economic system c)Mixed economic…
Q: 1) In a circular flow diagram which one of the following transactions happens in the market for…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: I what are the factors of production
A: Meaning of Production Function: The term production function refers to the situation under which a…
Q: In economics, when discussing the factors of production, the term land refers to A) farmland. B)…
A: Factors of productions are:- Land :- It means all the natural resources required for production of…
Q: What could be the major learnings that could developed by taking a introductory microeconomics…
A: The Microeconomics is an economics that deals to satisfy an individual producer, an individual…
Q: Describe and contrast market economies, planned economies and mixed economies.
A: Market economy :- A market economy is a type of economy in which the decisions regarding investment,…
Q: True/False The resources used to make all goods and services are called factors of production
A: # Resources are the building blocks any economy. Without these we can't think of producing any good…
Q: A- We have studied the production technology. Explain the concept with an example.
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: A gardener exclaims: “For only $1 in seeds I’ve grown over $20 in produce!” Besides the fact that…
A: The nursery worker has neglected to accept into account the opportunity costs. To precisely measure…
Q: What is the Theory of Production in economics? Explain..
A: Answer: In economics, the technical relationship between the input and output is explained by the…
Q: The question of for whom to produce focuses on how an economy's input is distributed among members…
A: Economic is the study of the management of scarce resources to fulfill the unlimited wants of…
Q: True or False If a good is labour intensive it means that no capital is used in the manufacturing…
A: Factors of production refer to the inputs which are used for the production of a service or a good.…
Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…
A: In simple circular flow diagram, there are only two entities viz. Household and business houses.
Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…
A:
Q: What is core principle in economics
A: While having a fundamental comprehension of financial hypothesis isn't seen as being pretty much as…
Q: Everything is made up of the four factors of production. Look at the shirt you have on right now.…
A: The four factors of production are Land Labor Capital Entrepreneur
Q: The boundary between the combinations of goods and services that can be produced and the…
A: Economics is a discipline that includes all the components present in the economy and has some of…
Q: Explain the term resource in economics
A: Resource: - In economics the inputs that are used to produce goods and services known as resources.
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- 12. What are the four factors of production? Thanks asap do itFactors of production are inputs used to consume goods and services. a. False O b. TrueDraw cobweb model for 1. Fluctuation of market price 2. cobweb model for market economy graph for given data D=12.4-1.2P S= 8.0-0.6p-1 D=S P=1(initial value?
- Factor Cigars (100 boxes) Soybeans (100 bushels) Acres of land (T) TC= 0.2 TS= 0.8 Hours of labor (L) LC= 0.4 LS= 0.4 where, TC = the number of acres of land used to produce 100 boxes of cigars. LC = the number of labor hours used to produce 100 boxes of cigars. TS = the number of acres of land used to produce 100 bushels of soybeans. LS = the number of labor hours used to produce 100 bushels of soybeans. The table above shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods. According to this data, the cigar industry currently uses a land-labor ratio equal toDescribe the five factors of production.True/False The resources used to make all goods and services are called factors of production
- Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.what is the value of production in dollars (aka, Josel's income or value of production)? Explain your answer.
- Factors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?Which are those economic goods which do not have any type of the physical characteristics they are intangible one word