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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.

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The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society

lara31 [8.8K]

Answer:

Milton Friedman.

Explanation:

Milton Friedman is an American economist born on the 31st of July, 1912 in New York, United States of America. Milton is a Nobel laureate for his notable work on monetary history and theory, consumption analysis and the complexity of stabilization policy.

The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society is associated with Milton Friedman.

This ultimately implies that, most business firms have a mission of producing goods and services that meets the need or requirements of the consumer, as well as generating profit to the business firm.

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Kazeer [188]

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GenaCL600 [577]

Answer:

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Drupady [299]

Answer:

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