Goods and services are not factors of production.
Factors of production are inputs that are needed to provide goods or services. They include, land, labor, capital, and entrepreneurship.
<h2>Further Explanation:</h2><h3>Factors of reproduction </h3>
- Factors of reproduction or resources 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; Land, Labor, Capital and 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>
Level: High school
Subject: Business
Topic: Factors of reproduction
Answer:
8.82%
Explanation:
The computation of the portfolio return is shown below:
Portfolio return = Respective returns ×Respective weights
= (10.8 × 0.45) + (12.2 × 0.35) + (-1.56 × 0.20)
= 8.82%
Hence, the portfolio return is 8.82%
We simply applied the above formula so that the portfolio return could come
And, the same is to be considered
Answer:
4. understated by $64000
Explanation:
Purchase cost increases the cost of goods sold and reduces profit before tax (PBT) income.
Similarly, closing inventory balance increases profits before tax income.
In the given case, purchase cost is understated by $40,000 less $4000 i.e $36000. This would overstate the profits by $ 36000. Whereas, omission of closing inventory from records of $100,000 would understate profits by $100,000.
Thus, the net effect of the two mentioned omissions and errors would lead to understated profits by $100,000 less $36000 i.e by $64,000.
Answer:
computer network
Explanation:
The CPU (Central Processing Unit) is the control center of the computer. A program is a series of detailed, step-by-step instructions that tell the computer what functions to complete.