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
Answer:
No fallacy
Explanation:
No fallacy is a term that explained the wrong or invalid use of reasoning. It is used in the construction of the argument. Many of the arguments are deceptive because of not of real appearance.
Many of the fallacies are intentionally manipulated to persuade the deception. Some of the fallacies are applied unintentionally because of carelessness or ignorance.
The formal fallacy is expressed by neatly in the stander ed logical system. There are different types of fallacies such as mathematical fallacy.
The production possibilities decrease as more resources and better technology are utilized. is a false statement.
<h3>What happens to production possibility curve when technology of production improves?</h3>
There is said to be a Shifts in Technology and this is one that tends to that improves the productivity of workers and thus it is good.
This action above tends to make output to increase, so the production possibilities curve tend to shifts outward, or to the right.
Therefore, The production possibilities decrease as more resources and better technology are utilized. is a false statement.
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The crusades helped to increase trade between the Europeans and the Middle East.
