Answer:
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Resources needed to provide goods or services are called factors of production
<h2>Further Explanation:
</h2><h3>Factors of reproduction </h3>
- Factors of reproduction are inputs or resources that are used in the generation of goods and services with an aim of making profit.
- There are four main factors of production which include;
- Land
- Labor
- Capital
- Entrepreneurship
<h3>Land </h3>
- This refers to all the natural resources that are available to be used in the production of goods.
- These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber.
- The income or reward earned from land as a factor of production is rent.
<h3>Labor </h3>
- This refers to the manpower or work done by human beings.
- The value of labor depends on the skills, education and motivation of workers.
- The reward for labor as a factor of production is wages and salaries.
<h3>Capital </h3>
- This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
- They also include industries and commercial buildings.
- The reward or income earned from capital goods is interest
<h3>Entrepreneurship </h3>
- It involves coming up with an idea and developing it into profitable business.
- An entrepreneur is therefore an individual who combines the other factors of production to build a business and add the supply in the economy.
- The reward or income earned by entrepreneurs is profit.
Keywords: Factors of production, labor, land, capital
<h3>Learn more about
</h3>
Level: High school
Subject: Business
Topic: Factors of reproduction
When Ira wears a rubber band that fit loosely around his wrist, and that he uses to "snap" himself with it just hard enough to sting a little bit, he is using <em>aversion therapy</em>. This type of therapy expose the patient to a stimulus while at the same time, being subjected to some form of discomfort. This is done so that the patient begins to associate the discomfort with his/her own behavior, in order to decrease or completely interrupt such act. In the case of Ira, what aversion therapy would look for, is that Ira would start associating the discomfort of snapping the rubber band against his skin with talking without thinking. And by doing so, he would stop to talk without thinking.
E.all groups are informal and organized around a particular activity.
