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Which of the following are factors of production *?

There are four factors of production such as Land, Labor, Capital, and entrepreneurship Therefore, both land and labors are the factors of production.

Which of the following are factors of production quizlet?

The factors of production are land, labor, capital, and entrepreneurship.

What is a situation that occurs when a producer Cannot offer a particular good or service at the current price?

A situation that occurs when a producer cannot offer a particular good or service at the current price.

What is the difference between a shortage in scarcity?

Key Differences Between Scarcity and Shortage Shortage implies a situation wherein the supply of a product is lower than its demand. Scarcity is when something is rare and difficult to reproduce. On the contrary, the shortage is when an item is popular and easy to get, but sometimes supply does not satisfy demand.

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Why does scarcity affect both the rich and poor?

Scarcity affects both the he poorest and the richest people everywhere because there is an end to the resources we have at our disposal. The wealthier one is, the more resources one has at one’s disposal. The poorer one is, the less resources one has at one’s disposal.

What are the 7 factors of production?

= ℎ [7]. In a similar vein, Factors of production include Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise [8].

What is the 4 factors of production?

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.

Which of the following is an example of physical capital?

Cash, real estate, equipment, and inventory are examples of physical capital.

What are the five factors of production?

The factors of production are land, labor, capital, and entrepreneurship. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.

What are the five factors of production quizlet?

The factors of production are: land, labor, capital, entrepreneurship, and knowledge.

What are four factors of production quizlet?

Define the four factors of production— labour, capital, natural resources and entrepreneur.

What would be an example of consumption good?

Consumer nondurable goods are purchased for immediate or almost immediate consumption and have a life span ranging from minutes to three years. Common examples of these are food, beverages, clothing, shoes, and gasoline.

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What is the quickest way to solve a shortage?

Raising prices is one of the quickest ways to solve a shortage. It reduces quantity demanded and only people who have enough money will be able to pay the higher prices. This will cause the market to settle at a new equilibrium. Free market systems based on prices cost nothing to administer.

How does a society determine who will get what is produced?

. Each society determines who will consume what is produced based on? its unique combination of social values and goals. Households own the factors of production and consume goods and services.

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