All categories

3 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]3 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 land, labor, capital, and entrepreneurship.

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

DanielleElmas [232]3 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.

You might be interested in

The Tuck Shop began the current month with inventory costing $10,000, then purchased inventory at a cost of $35,000. The perpetu

GREYUIT [131]

Answer:

$500 shrinkage

Explanation:

Calculation to determine the amount of shrinkage occurred during the month

Using this formula

Shrinkage=Ending inventory-Actual count

Let plug in the formula

Ending inventory=$10,000 + $35,000 - $30,000 Ending inventory= $15,000

Shrinkage=$15,000 - $14,500

Shrinkage= $500

Therefore the amount of shrinkage occurred during the month is $500

6 0

2 years ago

Televisa, a Mexican media company, became the world's most prolific producer of Spanish-language soap operas owing to its expert

Archy [21]

Transfer company expertise to cross border markets and initiate actions to contend on an international level

Explanation:

There are different strategy in which the company employ to produce the major products many initiative will be taken by the company to produce a foreign market and to gain the viable strength

The Televisa company began to upgrade it's technology and the capabilities and they started to produce more in the foreign markets and then to gain the experience and build themselves strong in the foreign markets

3 0

3 years ago

A Treasury bill with 119 days to maturity is quoted at 97.630. What are the bank discount yield, the bond equivalent yield, and

Dovator [93]

Answer:

discount yield=7.17%

bond equivalent yield=7.34%

effective annual yield =7.64%

Explanation:

Discount yield =discount /face value*360/t

where t is the number of days to maturity

discount =face value -issue price

discount=100-97.63

discount=2.37

discount yield =2.37/100*360/119

discount yield=7.17%

bond equivalent yield=(1+periodic yield)^360/t-1

periodic yield =discount/face value=2.37/100=2.37%

bond equivalent yield =(1+2.37%)^(360/119)-1

bond equivalent yield=7.34%

effective annual yield=(1+HPY)^365/t-1

Holding period yield (HPY)=discount/price=2.37/97.63

HPY=2.43%

effective annual yield=(1+2.43%)^(365/119)-1

effective annual yield =7.64%

6 0

3 years ago

One type of mutual fund does not endeavor to achieve the goals of a balance of bonds and stock or growth, income, and stability

jonny [76]

The correct answer is the Life Cycle Fund.

The Life Cycle Fund is a mutual fund that is automatically adjusted during the life of the fund. The fund managers work to balance the investments in the fund to match an investor's age and risk tolerance as the investor gets closer to retirement.

3 0

2 years ago

The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunit

Margarita [4]

In simpler terms, the theory of comparative advantage refers to the possibility of one given economic actor to produce the same good which is of the same size and quality. This becomes a force behind trade because there are specific materials that are found in specific area in the Philippines only.

Doing trading is I think is better than being self-sufficient .

7 0

3 years ago