<u>Answer:</u>
<em>The factors of production typically include land, labor, capital, entrepreneurship, and the state of technological progress.</em>
<u>Explanation:</u>
In economics, capital typically refers to money. But money is not a factor of production because it is not directly involved in producing a good or service.
Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or pay wages. For modern mainstream economists, capital is the primary driver of value.
Answer:
The correct word for the blank space is: strategic vision.
Explanation:
The strategic vision of a company outlines the path the organization should follow and the set of steps that are to be taken to reach the firm's objectives in the long term. Compared to the mission, the vision is in charge of answering the question of <em>what the impact of the organization's operations will be for the internal environment of the firm</em>.
Answer:
Output.
Explanation:
because it is an effect of production but not a factor.
Answer:
a. Inflation
Explanation:
In the context of economics, inflation refers to the increase in the price of goods and services
Moreover, we also know that
(1 + Nominal rate of return) = (1 + real rate of return) × (1 + inflation rate of return)
According to the given situation, it is mentioned that The general goods and services prices are expected to rise substantially over the next five years which represents the concept of inflation
Hence, the option a is correct
