Goods and services are not factors of production.
Factors of production are inputs that are needed to provide goods or services. They include, land, labor, capital, and entrepreneurship.
<h2>Further Explanation:</h2><h3>Factors of reproduction </h3>
- Factors of reproduction or resources 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 and 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
Answer:
$7,000 Unfavorable
Explanation:
data provided
Material in units = 18,000
Price per unit = 2
Actual hours = 38,000
Selling price = $3.50
The computation of material efficiency variance is shown below:-
Materials efficiency variance = (Standard hours - Actual hours) × Selling price
= (18,000 × 2 - 38,000) × $3.50
= $7,000 Unfavorable
Therefore for computing the material efficiency variance we simply applied the above formula.
Not paying your credit card bills on time
Answer:Raising the gas tax will likely encourage more non-highway related spending.
An increase in gas taxes will hurt middle-income Americans the most.
A gas tax hike will increase the price of consumer goods.
Tax hikes have a negative impact on economic growth.
Raising the gas tax will not solve the real problem.
Explanation:Lower gas price could add much as half a percentage point to the GDP growth in United States of America.
Answer:
a. avoid seeking investment for as long as possible
Explanation:
A startup can be defined as a young or an emerging company started by one or more entrepreneurs having a core technological component and high growth potential in order to execute a unique idea or goods and services.
The general rule for a new startup is to avoid seeking investment for as long as possible.
