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Artist 52 [7]
3 years ago
15

All countries have this type of economic system today

Social Studies
1 answer:
inn [45]3 years ago
7 0
Mixed economic system
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A ________ is a well-tested and widely accepted view that best explains certain scientific observations.
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A scientific theory is what you are talking about.
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In an argument, the supporting statements are known as ________; the statement being supported is known as the ________.
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Resources needed to provide goods or services are called
MissTica

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;
  1. Land  
  2. Labor  
  3. Capital  
  4. 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>
  • Factors of reproduction: brainly.com/question/4335697
  • Reward for factors of reproduction: brainly.com/question/3884238
  • Capital goods: brainly.com/question/11672036
  • Consumer goods: brainly.com/question/3227054

Level: High school  

Subject: Business  

Topic: Factors of reproduction  

8 0
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My interest in the course is to become a great fashion designer, learn more about the composition and making of clothes, styles, fabrics, designs and everything else that the course can offer me. I believe that this is the best option for my career and that I will have great experiences.

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