Economic resources or factors of production are the inputs required for the creation of goods or services. They are divided into four categories:
Land: includes physical land and any other natural resources needed for production. Examples are water, natural gas, oil etc. Its reward is rent
Labour: This refers to human efforts contributed to the production of goods or services. Its reward is wages
Capital: this refers to machinery, tools and buildings that are used by humans for production. Its reward is interest
Entrepreneurship: refers to someone who combines the other three factors; land, labour and capital, to earn a profit. Its reward is profit
Money is not a factor of production because it is not directly involved in production of goods or services. However, it facilitates the processes of production like enabling purchase of machinery, payment of wages etc.
<span>The situation in which dynamic explosives is trying to decide whether or not to launch a new product nationally represents a nonprogrammed decision. </span><span>he nonprogrammed decision is characterized with uncertainty and higher level of risk involved regarding the </span>decision. It is u<span>sed for unique situations. </span>
Accountancy There are 6 points on a coordinate plane. The points are (negative 5, 0), (negative 4, 1), (negative 3, 4), (1, negative 2), (2, 4), (5, negative 3).
