Not hypothesis, observation
Try reading the book, I know that will have ALL of the answers you will need to be successful.
Answer and Explanation:
Factors of production are resources or inputs put into the production of goods and services. There are four factors of production. They are: land, labour, capital and entrepreneurship
Land is considered a non depreciablle factor of production. It refers to all natural resources or gifts of nature and income from it is called rent.
Labour is human capital or input in production example workers in a factory
Capital is man made goods utilized to produce other goods
Entrepreneurship/entrepreneur is the factor of production that organizes the other factors of production and carries the economic risk
From the example, the factors of production include:
The forest with all the wood which falls under land factor of production.
Bill who falls under labour factor of production
His father's chainsaw which falls under capital factor of production
Bill's idea to use logs of wood for Christmas tree business constitutes entrepreneurship and Bill is also the entrepreneur here. This falls under the entrepreneurship factor of production
A descriptive technique in which an individual or group is studied in great depth is called a case study. The basic goal of descriptive writing is to paint a mental picture of a person, location, or thing in the reader's mind. Descriptive writing entails paying special attention to details and employing all five senses to capture an event.
Someone who gives a particularly thorough narrative of an experience is an example of group descriptive; a descriptive person. This style of writing is utilized to describe images in order to paint a distinct picture in the reader's head. By appealing to the readers' senses.
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Answer:
The idea is bounded rationality.
Explanation:
The Bounded Rationality Theory was proposed by Herbert Simon and it states that human cognition is not perfect and is flawed. One's reasoning can have fails which restricts the decision making and eventually coming to an optimal one.
The theory states that a person tends to take irrational decisions since his/her rational thinking is in fact limited by his/her cognitive skills, the available time and the complexity of such problem.
When solving a problem, one can never truly fix it in a completely optimal way since it is impossible to think of all the solutions to the problem.
