Answer (Detailed Solution Below)Option 4 : The factor of production termed capital means the money required for production. Free CT 1: General Studies(International Relations and Events) 10 Questions 10 Marks 10 Mins The correct answer is The factor of production termed capital means the money required for production.
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The factor of production termed capital means the money which the owners of firms need In order to set their firms up X 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: How much the economy can produce at its natural rate of output depends on a. technology b. the… A: A natural rate of output can be understood as the level of output that the economy is able to… 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: 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 production function for Good X: MP OK) MMarginal Product of Capital AP. OK Average Product of… A: Economics is a branch of social science that describes and analyzes the behaviors and decisions… Q: According to the circular-flow diagram, factors of production are owned by Select one: a. All the… A: The circular flow of money explains how money and goods are circulated between the household sector… 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: 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: Economics, physical capital represents the uildings or machines used by a business to produce… A: Click to see the answer 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: Factors of production are inputs used to consume goods and services. a. False b. True A: In a market, different economic variables have their contribution in supply-side activities and… Q: Relationship between the Quantity of inputs used to make a good and the quantity of output of that… A: The word production means to produce something and it is related to the various combinations of… Q: In the circular-flow diagram, which of the following do firms NOT do? a. use factors of production… A: In the circular-flow diagram, the following are done by the firms :a)The firm uses factors of… Q: Consider the factors of production that go intoa fast-food restaurant. Give an example of… A: Factors of production are regarded as the building blocks as they are essential for the production… 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: Question 5: In economics, capital is referred to as a: human-made good used to produce other goods… A: Although capital has different definitions in different contexts, considering the context of… 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: 1. Any resources that are made by humans and used to create other goods and services are called… A: ("Since you have asked multiple questions, we will solve the first question for you. If you want any… Q: Define factors of production and describehow they contribute to output. A: The process of transformation of inputs into the output is known as the production process. Q: Describe each of the factors of production listed below: Land 4.1 42 Capital Labour 4.3 44… A: "Since you have asked multiple questions ,we will solve fist 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: Money is regarded as a factor of production. Do you agree with this statement? Support your answer… A: Factors of production are the inputs that are included in the production of the goods and services.… Q: In economic terminology, the inputs used to make goods and services are referred to as A.… A: In an economy for a firm, industry or businesses to produce any goods and services there is… Q: The question is simple. Consider an economy with just one technique for production of each good:… A: Production possibility curve Capital requirements per unit of food and cloth are 0.8 and 0.9,… Q: 3. Which of the following is NOT a factor of production? Land, area to make things. O Labor, people… A: Production is the process of combining the different inputs and materials to get consumable output.… 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: The factor of production _________, and the factor of production _______. A. money earns… A: For the aforementioned question, the correct alternative is B. Q: 37. Which of the following is the interpretation of production function Y = F (K, L)? a. Output… A: Meaning of Production Function: The term production function refers to the situation under which a… Q: Households Type your answer here 9 factors of production in resource markets. Households Please type… A: Households ______________ factors of production in resource markets. Households __________ final… Q: The productive capability of an economy is such that to produce 5 units of military good it takes 2… A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three… Q: The productive capability of an economy is such that to produce 5 units of military good it takes 2… A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for… Q: During the 1980s, 1990s, and the first decade of the 20th century, the United States experienced a… A: The markets of various factors are interrelated. Change in one affects the other.… Q: In a short run, when you are producing pair of shoes, a leather Is under what cost? a. variable cost… A: Click to see the answer Q: Discuss the meaning of mobility of factors of production. To what extent are these factors mobile… A: Mobility of factors of production means the ability to move factors of production i.e., labor,… Q: 5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250… A: (i) Q=300L0.75K0.5L=250K=25Now,Q=300(250)0.75(25)0.5 Q=300×62.87×5Q=94,305 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: (a) Explain how a firm uses resource price and value data to determine the appropriate combination… A: Production function plays an important role to determine the nature of production of a firm and… Q: In the simple circular flow model, Multiple Choice there are real flows of goods, services, and… A: Circular flow: - a circular flow of income shows the exchange of money, resources, goods and… Q: With the help of appropriate examples, explain the concept of value added. A: Product or value added method is a method of calculating Gross Domestic Product. Q: Describe the similarities and differencesbetween the markets for land and capital and themarket for… A: Market for land, labor and capital is known as factor market. This is because land, labor and… Q: 1. Suppose Worker A and Worker B produce knives and forks. Worker A has to work for 2 hours to… A: The following problem has been solved as follows: Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education Which of the following is correct with respect to the factors of production?Answer and Explanation:
The correct option is a, Capital and land. Explanation, There are four factors of production such as Land, Labor, Capital, and entrepreneurship Therefore, both land and labors are the factors of production.
What are the 4 factors of production?Full Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
What are the 4 factors of production and give an example of each?The four factors of production in economics include land, capital, labor, and entrepreneurship or enterprise. Modern economics considers time and information also part of these factors. These factors comprise various resources or inputs needed to generate outputs, measured by the gross domestic product.
What are the factors of production?The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
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