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. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. hope this helps
www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-2-factors-of-production listen to this for more help
Producers must consider how limited a resource is when it is used to create an item. The more scarce a resource is, the greater value is given to that resource. It is important to determine if it is necessary to use a scarce resource to create a good, because a less scarce resource could be used instead. This would make it easier to produce a good, but it would give the final item a lower value.
Answer: <u>Assembling perpective</u>is a system for understanding collective behavior that credited individuals in crowds as rational beings. This theory refocuses attention from collective behavior to collective action, which is based on a shared interest.
Explanation:
Assembling perspective is briefly explained above.
<u>Expectancy</u> theory argues that employee behavior is based on the perception that a specific level of effort will lead to specific amount of performance and the achievement of desired outcomes.
In my opinion no it is not necessary to do people there doing a good job. But it does make the other person feel better . But you cannot give a person to much glory for then they will only strive to hear good feed back and not be use to hearing constructive negative comments .
