Resources needed to provide goods or services are called factors of production
<h2>Further Explanation:
</h2><h3>Factors of reproduction </h3>
- Factors of reproduction 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
- 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:
Some countries are less developed than others because they lack resources and there are structural inequalities. Nepal is still a less developed country because of the rugged geography and endemic poverty of a large part of its population.
Explanation:
Using the Human Development Index Nepal is ranked as a medium in the human development category. The Human Development Index considers factors life expectancy
, average years of schooling, and the GNI per capita. Between 1990 and 2018 Nepal improved on these indicators by 52%. This is impressive for a country that in 1950 was still an isolated and highly agrarian society with very few schools or hospitals. There was a lack of roads and communication, and there was little to no electric power to fuel industries.
Today, agriculture still dominates the economy. About 65% are employed in agriculture and it makes up close to 32% of Nepal's GDP. Only about 20% of the terrain is cultivable. The rest is mountainous or forested and the economy is shored up by foreign remittances of workers who emigrate temporarily or semi-perminantly to other countries.
The Renaissance – that cultural, political, scientific and intellectual explosion in Europe between the 14th and 17th centuries – represents perhaps the most profoundly important period in human development since the fall of Ancient Rome. ... The Renaissance changed the world in just about every way one could think of
Answer: companionate
Explanation:
Companionate love is known to be a type of love which exists between two people who show serious level of commitment to one another. It is a kind of love that is stable and takes time to grow because of the level of closeness between the people involved. Furthermore, companionate love does not involve controllable emotions. Thus, it is very strong and exists between long time friends, long time lovers and so on.
