In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.
The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.
Learn more about production here-
brainly.com/question/27028012
#SPJ4
If food consumption should rise by 42 units we can conclude that country X’s willingness to trade declines.
<h3>The reason why the willingness to trade would decline</h3>
The willingness to trade for this country would be on a decline given the fact that X's countyry is on a balanced growth path and the prices of their goods are unchanged in the international market.
Due to the lack of change they would not want to engage in trade again with other countries.
Read more on technological innovation here:brainly.com/question/19969274
Under these conditions an efficient solution can be reached regardless of the initial assignment of property rights.
A. Money market through borrowing and saving by households and businessesB. Public sector through the mechanism of central planningC. Business sector through the mechanism of advertisingD.Private sector through the earning and spending of income
Private sector through the earning and spending of income
Answer: Option D.
<u>Explanation:</u>
A market economy is a monetary framework wherein the choices in regards to venture, creation and dissemination are guided by the value signals made by the powers of organic market.
The meaning of a market economy is one in which cost and creation is constrained by purchasers and dealers uninhibitedly leading business. A case of a market economy is the United States economy where the speculation and creation choices depend on organic market.
Answer:
Market
Explanation:
Producer surplus is the difference between the market price and the minimum price at which a producer would be willing to sell a particular quantity.
Producer surplus is known to be the total amount that a producer benefits or gains from producing and selling a quantity of a good at the market price. The total revenue that a producer receives from selling their goods minus the total cost of production equals the producer surplus.
