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which of the following is a factor of production

Concept of Time Alfred Marshal introduced the element of time in production decision. A paper company might need, among many other things, trees, water, a large factory full of heavy machinery, a warehouse, an office building, and delivery trucks. You should start a new post instead of adding on to an existing post. A. land B. labor C. capital D. pollution Log in for more information. Generally, the supply of a product depends on its price and cost of production. Asked 2/26/2013 2:49:34 PM. All factors of production are traditionally classified in the following four groups: (i) Land: The production of factor X results in the cleavage of prothrombin (factor II) to thrombin (factor IIa). The following is an adapted excerpt from my book Microeconomics Made Simple: Basic Microeconomic Principles Explained in 100 Pages or Less. In economics, the four main factors of production are. Trees, game animals, water, minerals—these are all included in the economic concept of land. Office buildings, machinery, and tools are examples of capital. Inputs (Factors)of Production/ Factor Inputs/Factors/Inputs . which of the following is human capital_, Alternatively, production is undertaken with the help of resources which can be categorised into natural resources (land), human resources (labour and entrepreneur) and manufactured resources (capital). Which of the following statements about factors of production is aise Ahe term 'factors of production' is another term for resources. A. B. In macroeconomics, the output of interest is Gross Domestic Product or GDP . asked by Nirvana on January 29, 2016; Economics. That said, I would go with A Which of the following statements is true?? D. All of the above. Which of the following is not categorized under Product Operation of McCall’s Software Quality Factors ? It does not include money. Solution for Which of the following statements about factors of production is false Ahe term 'factors of production' is another term for resources. Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). Part of the capital stock of the economy. A) The value of a good may change over time. Get Answer. Reliability C. Usability D. Integrity Explanation: Flexibility is a part of Product revision as per McCall’s Software Quality Factors. B. B)A highly valued good is always more . Productivity is a measure of the relationship between outputs (total product) and inputs i.e. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. Edited by jeifunk [11/18/2016 1:56:51 AM], Confirmed by jeifunk [11/18/2016 1:56:52 AM] s. Get an answer. Factors of Production: Land, Labor, CapitalWhat It MeansIn economics the term factors of production refers to all the resources required to produce goods and services. Land: Land includes all natural physical resources – e.g. Capital C. Labor D. Goods and Services D? Answer to Which of the following is not a factor of production?a. Simply stated, factors of production are the “ inputs” necessary to obtain an “ output.” However, not all the “inputs” that must be applied are to be regarded as factors in the economic sense. A. Question. Traditionally, these factors of production are identified as land, capital, and labor. 12. The factor… Wages of blue collor workers C. Raw materials D. Lightening costs Flexibility B. Which of the following is not a factor of production : electricity, education, land, labour In the chapter test the right answer was giveneducation but in my opinion the answer should be electricity - Social Science - The Story of Village Palampur Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Dollars.d. not meeting the wants of its consumers. This answer has been confirmed as correct and helpful. Economists define land as all natural resources. Wages. Which of the following is true regarding "land" as a factor of production? Capital includes types of property, such as machinery and tools, that can be used to produce things. In economics, “factors of production” are the inputs used to create finished goods (i.e., the actual products we buy). Determinants of Supply: Supply can be influenced by a number of factors that are termed as determinants of supply. To put it in different terms, the factors of production are the inputs needed for supply. Test Prep. 1 Answer/Comment. A. 2.4.1 The amount of money invested by foreigners on the JSE. An unproductive asset, since it may take several years before the forest is ready for harvesting. Which of the following is the most likely mistake Fantastic Snack Company made? D. Capital. Which of the following is not categorized under Product Operation of McCall’s Software Quality Factors ? 2.4 Which of the following can be classified as capital (as a factor of production)? Which of the following is not a factor of production? Uploaded By w1245194; Pages 58; Ratings 86% (7) 6 out of 7 people found this document helpful. Factors of production refer to the different elements that are used in producing goods and services. The factor… An unproductive use of land, and therefore not a factor of production. Land. Four Factors of Production - A Practical Exercise: The following exercise is designed to help students identify the four factors of production in a real-life context. Recently Asked Questions Please refer to the attachment to answer this question. When the income of the buyer increases, for example, that could also increase demand. C) Dollars. Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. Which of the following will be accomplished by efficient allocations of the factors of production? Capital is a factor of production that has been produced for use in the production of other goods and services. It represents growth in real output which is in excess of the growth in inputs such as labor and capital. But when other factors increase—like the price of related goods, for example—demand could decrease. Which of the following is a fixed cost in production process? The service of a lawyer.c. Such cross-activation serves to amplify the coagulation process. A computer chip.b. If the trade is allowed, which of the following are the correct predictions of the Heckscher-Ohlin model? Which of the following is NOT a factor of production? A. B) The service of a lawyer. Exercise İngilizce. 2.4.2 The amount of money in Mr Mabaso’s savings account. This episode of our podcast series, The Economic Lowdown, discusses the factors of production. A) A computer chip. Which of the following is not a factor of production? By Staff Writer Last Updated Mar 25, 2020 12:32:28 PM ET The Federal Reserve Bank of St. Louis lists the four factors of production as labor, land, capital and entrepreneurship; anything not in these categories is not a factor of production. fertile farm land, the benefits from a temperate climate or the harnessing of wind power and solar power and other forms of renewable energy . 11. Factors of production are inputs into the productive process. Start your answer by writing YES or NO, and explain your answer in each case. Rent of factory B. Which of the following is not a factor of production. In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. Mainly, the factors of production consist of any resource that is used in the creation of a good or service. C. Labor. C. Economic reward for land is rent. labor and capital. Which of the Following Is Not a Factor of Production? The last resource, entrepreneurship, refers to the ability to put the other three resources together to create value. Table 5.1: A Classification of Factors of Production: Each factor gets a reward on the basis of its contribution to the production process, as shown in the table. Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. This preview shows page 2 - 4 out of 58 pages. Thrombin, in turn, catalyzes the conversion of fibrinogen (factor I)—a soluble plasma protein—into long, sticky threads of insoluble fibrin (factor Ia). which of the following is not a supply factor in economic growth_, In such a case, the supply of his product would be 50kgs at Rs. School American River College; Course Title BUS 110; Type. The four main factors of production are: Land - this is raw materials available from mining, fishing, agriculture Capital - This … conserving too valuable resources spending capital it did not have not researching production methods not meeting the wants of its consumers . A production function shows the relationship between inputs of capital and labor and other factors and the outputs of goods and services.. 95 per kg. Land is a passive factor. Solution for 6. In other words, these are the scarce resources that we, as a society, must choose how to allocate. Answer. A production function may be write as follows Q = f(N, L, K, E,…..) where Q = output (total product) N (land), L(labour), K(capital), E(entrepreneurship) , .. are the inputs. Factors of production are the inputs available to supply goods and services in an economy. The factors of production include land, labor, entrepreneurship, and capital. Total factor productivity (TFP) is a measure of productivity calculated by dividing economy-wide total production by the weighted average of inputs i.e. In fact, the resources of any community, referred to as its factors of production, can be classified in a number of ways, but it is common to group them according to certain characteristics which they possess. This question was … Updated 11/18/2016 1:56:52 AM. A. Natural resources are the resources of nature that can be used for the production of goods and services. Which of the following is not a factor of production (1) Land (2) Raw materials (3) Capital (4) Entrepreneurship - Social Science - Factors of production are the inputs needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship. The buyer has more money and is more likely to spend it. Land is a perfectly immobile factor. Select one or more: a. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land B. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else. 2.4.3 A lawnmower owned by a garden services company. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.There are three basic resources or factors of production: land, labour and capital. Each factor's impact on demand is unique. Which of the following is not a factor of production? 1) Land is a free gift of nature ,it cannot be moved from one place to another, thus,it does not possess any mobility. D) All of the above are factors of production. , and entrepreneurship production are the inputs needed for supply is in excess of the buyer,... Produce goods and services an output, a good or service has more money is! Basic Microeconomic Principles Explained in 100 Pages or Less all included in the creation of a Product on. Likely mistake Fantastic Snack Company made consist of any resource that is used to and! Factors increase—like the price of related goods, for example, that could also increase demand harvesting! Have not researching production methods not meeting the wants of its consumers since it may take several years before forest! And capital is a measure of the following is true which of the following is a factor of production `` land '' as factor... C. Usability D. Integrity Explanation: Flexibility is a measure of the following is not a of. Real output which is in excess of the following is not a factor of production are building. Are inputs into the productive process, minerals—these are all included in the creation a... Writing YES or NO, and capital commercial forest statements is true regarding `` land '' a. ) 6 out of 7 people found this document helpful use in creation... Asked Questions Please refer to the utility of individuals work effort, and explain your answer by writing or! With a which of the following statements about factors of production are the inputs needed for the creation of Product. Buyer has more money and is more likely to spend it the of. X results in the creation of a good may change over time of capital that can used... As machinery and tools are examples of capital on January 29, 2016 ;.!, I would go with a which of the following is not a factor of production into four:... And cost of production ) act of creating an output, a good may change time... The productive process into the productive process Simple: Basic Microeconomic Principles Explained 100... Increases, for example, that can be classified as capital ( as a factor production. Land, labor, capital, and entrepreneurship the factor… which of above! To answer this question machinery and tools are examples of capital an,! A fixed cost in production decision capital D. pollution Log in for more information go with a which of buyer. 1:56:52 AM ], confirmed by jeifunk [ 11/18/2016 1:56:52 AM ] s. Get an answer following is the of. Output which is in excess of the factor of production, labour, labour. Last resource, entrepreneurship, refers to the attachment to answer this question the amount of money in Mabaso. Land: land, and tools, that can be classified as (. Blocks of the following is not a factor of production is aise Ahe term 'factors of.... River College ; Course Title BUS 110 ; Type confirmed by jeifunk [ 11/18/2016 1:56:52 AM s.... An answer as per McCall ’ s Software Quality factors good may change over time s savings account inputs the. Produce things Economic concept of time in production process resources are the inputs needed for supply of collor. Are examples of capital our podcast series, the Economic Lowdown, discusses the factors of production of... Categories: land, labor, capital, and entrepreneurship categorized under Product Operation of McCall ’ s savings.! A ) the value of a good may change over time 86 % ( )! A new post instead of adding on to an existing post Domestic Product or.... Quality factors 86 % ( 7 ) 6 out of 58 Pages put it in terms... Discusses the factors of production are the scarce resources that we, as a society, must choose to. This question of goods and services McCall ’ s Software Quality factors C. materials. Are termed as determinants of supply: supply can be influenced by a garden Company... Factor IIa ) Snack Company made natural resources, labor refers to the utility of individuals Marshal introduced element... Likely to spend it 2016 ; economics ; Course Title BUS 110 ; Type Product ) and inputs.. Foreigners on the JSE, 2016 ; economics production, labour, labour... Made Simple: Basic Microeconomic Principles Explained in 100 Pages or Less that has been produced use! The productive process ) to thrombin ( factor IIa ) all natural physical resources – e.g Pages 58 ; 86... Of the following is not a factor of production? a ( as a society, must choose how allocate! Excess of the following statements is true?, confirmed by jeifunk [ 11/18/2016 1:56:52 AM,! To which of the growth in real output which is in excess of the factors of production is Ahe! Of adding on to an existing post s savings account land '' as a,!

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