Answer:
Hi
The factors of production are the basic elements to produce goods and services to meet our needs. They can be nature, work and capital, but currently, it considers that there are five productive factors, since the three already mentioned have been added, the human knowledge that is incorporated into the work and technology factor, which is incorporated into the capital.
- Natural resources. They are those that are available in nature and are used as raw material (minerals, trees, plants) or as a source of energy (water, oil, wind) in the production of goods.
- Capital. It is the financial resources, such as money, that must be invested in the production of new goods or services. Material resources are also counted as part of the capital factor, it is the set of material goods created by people and used to produce goods or services.
- Job. Most important productive factor and refers to the physical and intellectual effort developed by people, with the objective of intervening in the productive activity. Its effort, its educational level, its technical training and professionalism, as well as its values are essential for the quality of the production process and the success of a company.
Explanation:
Answer:
pricing low
yes
Explanation:
Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.
Dominant strategy is the best option for a player regardless of what the other player is playing.
Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.
if either firm charges high, they either earn 11 million or 2 million.
if either firm charges low, it would earn either 15 million or 8 million.
because the payoffs of charging low is higher than the payoffs of charging high, the best strategy is for the firms to charge low if there is no cooperation.
the game is a prisoners dilemma because the choice the firms make isn't the choice that will yield the highest payoffs. the choice that would yield the highest payoffs is to both charge high prices.
The correct answer:
Custom affinity audiences
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