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4 years ago

What are examples of the factors of production that affect the output of a car repair shop?

Business

2 answers:

Sunny_sXe [5.5K]4 years ago

8 0

Answer and explanation:

Factors of Production is an economic term describing the general inputs used to produce goods and services to make a profit. Under the classical view of economics, the factors of production are four (4) and consist of <em>land, labor, capital, and entrepreneurship</em>.

When referencing a specific business, in this case a repair shop, factors of production could be the space to repair the cars (<em>land</em>), the number of mechanics in the shop (<em>labor</em>), and the quality of the tools to make the repairs (<em>capital</em>).

DanielleElmas [232]4 years ago

7 0

Answer:

Basically, The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Explanation:

In relation to a car repair shop, the land is needed in the form of workshops and/or offices.

Labor is explained as the manpower, that is the engineers: mechanics, rewier,

and others to work on vehicles.

Capital is the sum of money needed to acquire all equipment, machines and other things needed for the company.

And lastly, entrepreneur. This is the Brian behind the functioning of all other factors of production.

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vfiekz [6]

Answer:

I will need to invest 64,669.73 dollars now.

Explanation:

We will calcualte the future value of the cabin considering the inflation:

$Principal \: (1+ inflation )^{time} = Amount$

Principal 150,000.00

time 15 years

inflation 0.04000

$150000 \: (1+ 0.04)^{15} = Amount$

Amount 270,141.53

Then we calculate the present value of the lump sum at 15 years discounted at 10% which is the yield of the funds

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity 270,141.53

time 15 years

rate 0.10

$\frac{270141.53}{(1 + 0.1)^{15} } = PV$

PV 64,669.73

we would need to deposit 64,669.73 today to get enough cash to purchase the bcabin in 15 years.

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3 years ago

In the context of project management, a task duration is always the same as the amount of work (effort) it takes to finish the t

Mashutka [201]

Answer:

False

Explanation:

The statement that says that in the context of project management, a task duration is always the same as the amount of work (effort) it takes to finish the task is false because the effort is the time a person needs to finish a task while the duration is the period of time that a person has to finish it. For example, an employee has a task that takes forty hours of work to finish it but he has a month to do it. In this case, the effort is forty hours but the task duration is one month.

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3 years ago

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Assoli18 [71]

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3 years ago

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sergiy2304 [10]

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Explanation:

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3 years ago

_______ has been defined as the process of identifying consumers with similar attributes who are likely to exhibit a similar buy

Hoochie [10]

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<h3><u>Explanation:</u></h3>

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8 0

4 years ago