Answer:
The answer is letter A, factors of production.
Explanation:
In economics, the process of production refers to the combination of material inputs and immaterial inputs (the know-how) in order to produce an output that is required by the market. In order to determine the process, it is important to know the factors of production.
<em>The factors of production are the inputs used in order to produce an output, goods or services. </em>There are mainly four factors of production: land, labor, capital and enterprise.
1. Land - refers to the natural resources available for production.
2. Labor - refers to the human input into the production process.
3. Enterprise- refers to the entrepreneurs who organize factors of production and take risks.
4. Capital- refers to the goods used in the supply of other products.
Answer:
Defense, military spendings.
Explanation:
Answer:
Explanation:
Product vs Service Business
While it may seem to go against traditional thinking, in some ways there is very little difference between product based and service based companies. In actuality, both sell a product. The distinction between the two is that the product business sells a physical, tangible product, while the service business owner sells his skills as the primary product. In the service-based business, customers purchase the skills of a service provider or owner, such as a plumber or lawyer, This type of business has a strong emphasis on the client relationship and makes the customer's user experience very important. Product-based businesses, on the other hand, deliver physical products that are reasonably consistent in quality for each customer, making the customer experience fairly predictable.
Local or Global Consumer Markets
In general, when consumers are looking for new solutions they try to distinguish the different services/products of business and industry in the locality where they reside. As such, businesses need to target their product and service based businesses to the appropriate markets. Consumers located anywhere in the global market can purchase a product via the internet as long as they can have their purchase delivered locally and cost effectively. However, most service businesses can only provide services to customers within their local target market. For example, while a computer store can ship computers all over the world, a hairstylist will only attract clients within a reasonable driving distance from her home or business. As a result, businesses need to consider how their customer base will influence their marketing efforts.
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