<span>Capital as a factor of
production is defined as the tangible products made by labor.
</span>Land as a factor of
production means not just the surface of the earth, but everything in the
universe that wasn't created by people. This includes all natural resources,
such as air, water, plants, sunlight, rocks, and minerals.
Examples:
1) Clothes ( because you have to be clothed)
2) Milk ( you immediately want to consume it)
3) Wine ( grapes go in wine comes out)
You don't need to use the parenthesis I just wanted to explain to help you understand.
Answer:
The forces of demand and supply in the market will pull the foreign exchange market into equilibrium.
Explanation:
When there is a surplus of dollar in the foreign exchange market the forces of demand and supply will pull the foreign exchange market into equilibrium.<em> i.e. The exchange rate will be reduced to bring the exchange market to equilibrium. </em> without change in demand or supply.
attached below is the required graph.
Answer:
The Journal entries are as follows:
(i) Manufacturing Overheads Account Dr. $900
To Accumulated Depreciation $300
To Cash account $100
To Utilities payable $500
(To record the expenses incurred)
(ii) Work in process inventory A/c ($1.50 × 450) Dr. $675
To Manufacturing Overhead $675
(To record the allocation of overhead at the predetermined rate of $1.50 per machine hour)