What are the factors of production, Microeconomics

Assignment Help:

Factors of Production:   The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups:

  • Land - all natural resources (minerals and other raw materials).
  • Labour-all human resources.
  • Capital - all man-made aids to production (machinery, equipment and so on).

 • Enterprise - entrepreneurial ability. The rate of economic growth that an economy can manage will be affected by the quantity and the quality of the factors of production they have.   

 


Related Discussions:- What are the factors of production

Determinants of investments, Determinants of investments: Expected Ra...

Determinants of investments: Expected Rate of Return: Investment spending is guided by the profit motive; thebusiness sector buys capital goods only when it expects such

Demand elasticity analysis, demand elasticity analysis and its significance...

demand elasticity analysis and its significance in pakistan

Student, what are the sources of monopoly power

what are the sources of monopoly power

What types of questions would concern microeconomics, What types of questio...

What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms  and other organ

What is Oxidation Number, Definition of oxidation number... Oxidation numb...

Definition of oxidation number... Oxidation number is a charge of central atom appears to keep if all of the ligands are removed along with the electron pairs which are shared wit

Utility, Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50...

Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time

Market structures, #question.contrast the long run equilibrium position of ...

#question.contrast the long run equilibrium position of monopolistic competition firm and oligopoly.

Transition economies, Former communist economies which is, with varying deg...

Former communist economies which is, with varying degrees of enthusiasm and have embraced CAPITALISM.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd