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.
Which consideration must be addressed when deciding?
The consideration that must be addressed when deciding for whom to produce is to determine who needs the goods and services that are to be produced .
Which factors are considered when deciding how do you make goods?
Factors considered when deciding how to make goods and services are land, labor and capital . Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
What are the resources needed to produce goods and services?
4 Key Resources – The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship .
What best illustrates deciding how do you produce a specific product?
The correct answer for your question is option (A)-Should we produce jeans with expensive machinery or less expensive labor . Before producing a product that going to hit the market one have to decide how to make it even better.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise [8].
What are the 5 factors of production?
The factors of production are land, labor, capital, and entrepreneurship .
What are the three main questions of economics addresses who should?
One of the three main questions of economics addresses who should: produce goods and services . market goods and services. receive goods and services.
What are the main questions of economics involves deciding upon the method for?
- One of the main questions of economics involves deciding upon the method for. ...
- A society decides that it needs to produce more corn to feed the growing population. ...
- Which of the following is an example of a land resource? ...
- Which consideration must be addressed when deciding for whom to produce?
What must it do before it begins the production process?
The crop would need land, water, and people as well as money and technology to begin the process. These elements need to be collected before going forward or the composition would fail.
What are the 4 types of resources?
- Natural resources (land)
- Labor (human capital)
- Capital (machinery, factories, equipment)
- Entrepreneurship.
What 3 things are needed to produce goods and services?
Though the number and variety of the different resources businesses require is limitless, economists divide the factors of production into three basic categories: land, labor, and capital . Land refers to all of the natural resources that businesses need to make and distribute goods and services.
What are the means through which goods and services are produced?
| A B | Economic Resources aka factors of production – Means through which goods and services are produced | Opportunity Cost What you give up when you make one choice over another; value of the next best alternative that you did not choose |
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Which factors are considered when deciding how do you make goods and services choose 3 answers?
Factors considered when deciding how to make goods and services are land, labor and capital . Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
Which situation is the best example of competition in an economic system?
the best example of competition in an economic system – A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs .
Which situation is the best example of regulation in an economic system?
The correct option is: “ A state agency has been created to monitor the production and distribution of sports drinks.”
