Question

Assignment # 2

Answer 1

Answer:

1.Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

2.Management skills can be defined as certain attributes or abilities that an executive should possess in order to fulfill specific tasks in an organization. They include the capacity to perform executive duties in an organization. ... and practical experience as a manager.                                                                              3.No corrective action is required when the deviations are within acceptable limits. However, when the deviations go beyond the acceptable range, in the important areas, it demands immediate managerial attention so that deviations do not occur again and standards are accomplished.