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The source mentions a fourth factor of production: entrepreneurship. In what sense
could it be viewed as a production factor
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- Please label the circular flow diagram. Businesses Businesses Resource market Product market and Households 2 whereas households Answer Bank Michelle buys a toaster to make toast each morning. Jack makes a decent living pruning beanstalks. Super Dollar Mart buys a lot on which to build their next store. JC Nickel has a record quarter selling black trenchcoats, and Please label the circular flow diagram. Businesses Businesses Resource market Product market and Households , whereas households Answer Bank Michelle buys a toaster to make toast cach morning. Jack makes a decent living pruning beanstalks. Super Dollar Mart buys a lot on which to build their next store. JC Nickel has a record quarter selling black trenchcoats. andBriefly describe efficiency in production?What's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each ofthe scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship S. the product: good OR service 1. Rouhaanhas his own business selling shawama at a standin a Mall. For his shawama stand, he gows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. A shawama Rouhaan sells at his standis a
- What's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each of the scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship s. the product: good OR service 1. Rouhaan hashis own business selling shawama at a standin a Mall. For his shawama stand, he grows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. c. A shawama Rouhaan sells at his standis a 2. AZW Productions Inc. just announced a bighit show will play at the Grand Theaterin July. Raja works atthe shawama standinside the theater and says he can help you buy tickets to the show a.AZW Productions Inc. will sell tickets to you in the market. b. Raja is an example of a _resource. UE SmAZW Productions Inc. is selling you aWhat is ‘Toyota is contemplating increasing the production of SUVs based on projected future consumer demand’ classify as? a. Micro, examining one individual b. Micro, examining one specific firm c. Micro, examining one sectorWhich of the following is/are not a factor of production? O a. Enterprise O b. Land О с. Сapital O d. Cheque book
- Define production and What are the factors of production and what are their reward payments?MANCOSA Use the following production possibility curve (PPC) of the Land of Oz to answer the question. The Land of Oz can only produce yellow bricks or tin. What should happen for the unattainable point, point D, to become attainable? Tin (t) 9 000 7 000 A PPC, B 16 mil Yellow bricks O A. Decrease in the minimum wage. O B. Decrease in economic growth. O C. Increased taxes for brick makers and tin producers. O D. Emigration of workers out of the country. PPC₂ 19 mil 4Give the three reasons that explain why the division of labor increases an economys level of production.
- Provide an explanation an economist might give showing why each statement is true: - Entrepreneurs are important to the production of goods and servicesExplain what is meant by the following statement, "an increase in productivity with respect to any one good increases our options for producing and consuming all other goods."Which point(s) are efficient? Briefly explain why. B Points A, B, C, and D because they are attainable. Points B, C, and D because this is where maximum output is produced with available resources. Point A because it is inside the production possibilities frontier. Point E because it is where the most capital and consumption goods combined are produced. A D Point B because it is where the most resources are used to produce capital goods. Which point(s) are inefficient? Briefly explain why. PPF O A. Points B, C, and D because they are on the production possibilities frontier. O B. Points B, C, D, and E because they are unattainable. Consumption goods O C. Points A, B, C, and D because they are attainable. O D. Point E because it is unattainable. OE. Point A because production there is not using all available resources. At which point is the country's future growth rate likely to be the highest? Briefly explain why. O A. Point E because it is where the production possibilities frontier…
