7. The production factor are, (a) fishing waters Land, (b) an office building Capital, (c) clerks in a store Labor, (d) a tractor Capital, (e) a student in a cooking school Entrepreneurship.
<h3 /><h3>What is factor of production?</h3>
There are four factors of production namely, land, labor, capital and entrepreneurship.
8. Infer If companies can become more productive by increasing their
physical capital, why would a company not buy up-to-date computers
for all employees each year?
Companies can become more productive if they keep their assets up to date, but the assets have a specific life and can be used up to it. The assets must be utilized for its specific life to minimize the expenses and maximize the profit.
9. Apply Think of a good or service that you consumed today. List at
least five factors of production used to produce that good or service.
Include at least one example each of land, labor, and capital.
I consumed food today this included more than five factors of production, the food was cooked by a chef this is labor, the food was cooked in a kitchen that was the land, the food was served in a restaurant that is the entrepreneurship and the food was prepared by mixing many ingredients for example, rice, meat and spices this make the capital.
Learn more about factor of production at brainly.com/question/27384843
#SPJ1
