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2 years ago

Is/are also called factors of production since they are transformed into output during the production process?

1 answer:

6 0

Land, labor, entrepreneurship and capital are called factors of production since they are transformed into output during the production process.

Factors of production are needed for the production of goods or a service.

Land as a factor of production include the every type of land and the various goods received from it such as oil, gold etc. It can be agricultural land to any real estate commercial land.

While defining labor as factor of production we use their potential to work.

Capital includes money used for performing various functions of production. It is the primary driver of the production.

Entrepreneurship is that element which combines all other factors of production to form a single product or service.

To know more about factors of production here:

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How can a country achieve higher levels of competition and a variety of products in an industry with only one or two domestic fi

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Through promoting intra-industry trade, a country can increase levels of competition and the range of products produced in an industry with only one or two local enterprises producing a good. International trade for goods produced by the same business is known as intra-industry trade.

According to the idea of economies of scale, production costs often decrease as output scale increases. When it makes it possible for one or two large producers to supply the entire country, it becomes particularly important to international trade. A way to maintain consumer choice and competition while combining economies of scale-driven lower average manufacturing costs is through international trade.

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1 year ago

Please answer this question...

oee [108]

Answer: yes! Aww thanks, you too :))

Explanation: have a great day!!

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3 years ago

Read 2 more answers

Nora contracts to work for ABC Investments during June for $2,500. On May 31, ABC cancels the contract. Nora refuses to accept a

kap26 [50]

Answer:

c. $500

Explanation:

A contract is an agreement by two or more parties to perform a.certain activity within a given time.

When contract are breached, the beneficiary has the right to gain back the amount promised.

If the beneficiary can get another option, the other party is obligated to pay the balance.

On this instance Nora had the chance to get a new job at $2,000 salary the balance is $2,500 - $2,000= $500. Since she rejected the job she is responsible for that loss.

However ABC is still liable to pay the balance of $500

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3 years ago

Diane is passionate about soccer and decides to open her own soccer sporting goods store. She invests her money, time, and effor

tigry1 [53]

Answer:

The answer is entrepreneur

Explanation:

Diane showed the trait of an entrepreneur. An entrepreneur is someone who tries to solve a particular problem or challenge by setting up a business. He takes up the risk and tries to fight it in order to be successful because of the passion he has for the business. Entrepreneur also sources for the capital for the business which can be in form of borrowed money or equity contribution.

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3 years ago

Fran wants to hire a diverse group of capable people to work at her brand new fitness studios. Unfortunately, many of the applic

Strike441 [17]

Answer:

use a combination of tests measuring both cognitive abilities and non-cognitive traits such as emotional intelligence and personality

Explanation:

In the given scenario many of the applicants Fran perceives as having good emotional intelligence and agreeable personalities (a plus for a fitness studio), do not score well on the cognitive ability test.

Since she wants people that have non-cognitive traits such as emotional intelligence and personality, and also good cognitive abilities.

She will need to use a combination of tests measuring both cognitive abilities and non-cognitive.

8 0

3 years ago