which of the following is a factor of production
Posted on December 10, 2020

Which of the following is NOT a factor of production? The factor… asked by Nirvana on January 29, 2016; Economics. A. 2.4.2 The amount of money in Mr Mabaso’s savings account. Which of the following is not categorized under Product Operation of McCall’s Software Quality Factors ? 2.4.1 The amount of money invested by foreigners on the JSE. An unproductive use of land, and therefore not a factor of production. Which of the following is not a factor of production? A) A computer chip. In economics, “factors of production” are the inputs used to create finished goods (i.e., the actual products we buy). This episode of our podcast series, The Economic Lowdown, discusses the factors of production. Which of the following is not a factor of production (1) Land (2) Raw materials (3) Capital (4) Entrepreneurship - Social Science - Which of the following is not a factor of production? A. D. All of the above. Exercise Land is a passive factor. Land B. Factors of production are the inputs available to supply goods and services in an economy. Get Answer. Which of the following is not categorized under Product Operation of McCall’s Software Quality Factors ? Factors of production are the inputs needed for the creation of a good or service. Asked 2/26/2013 2:49:34 PM. B)A highly valued good is always more . A production function may be write as follows Q = f(N, L, K, E,…..) where Q = output (total product) N (land), L(labour), K(capital), E(entrepreneurship) , .. are the inputs. Table 5.1: A Classification of Factors of Production: Each factor gets a reward on the basis of its contribution to the production process, as shown in the table. A) The value of a good may change over time. Trees, game animals, water, minerals—these are all included in the economic concept of land. To put it in different terms, the factors of production are the inputs needed for supply. Land: Land includes all natural physical resources – e.g. The factors of production include land, labor, entrepreneurship, and capital. The production of factor X results in the cleavage of prothrombin (factor II) to thrombin (factor IIa). But when other factors increase—like the price of related goods, for example—demand could decrease. labor and capital. D. Capital. 12. Total factor productivity (TFP) is a measure of productivity calculated by dividing economy-wide total production by the weighted average of inputs i.e. The four main factors of production are: Land - this is raw materials available from mining, fishing, agriculture Capital - This … Inputs (Factors)of Production/ Factor Inputs/Factors/Inputs . B) The service of a lawyer. Thrombin, in turn, catalyzes the conversion of fibrinogen (factor I)—a soluble plasma protein—into long, sticky threads of insoluble fibrin (factor Ia). A. land B. labor C. capital D. pollution Log in for more information. A production function shows the relationship between inputs of capital and labor and other factors and the outputs of goods and services.. Wages. You should start a new post instead of adding on to an existing post. Mainly, the factors of production consist of any resource that is used in the creation of a good or service. Office buildings, machinery, and tools are examples of capital. Simply stated, factors of production are the “ inputs” necessary to obtain an “ output.” However, not all the “inputs” that must be applied are to be regarded as factors in the economic sense. C) Dollars. It does not include money. Which of the following is a fixed cost in production process? İngilizce. D) All of the above are factors of production. The service of a lawyer.c. 95 per kg. When the income of the buyer increases, for example, that could also increase demand. Which of the following will be accomplished by efficient allocations of the factors of production? Which of the following is true regarding "land" as a factor of production? Factors of production refer to the different elements that are used in producing goods and services. C. Economic reward for land is rent. A computer chip.b. Recently Asked Questions Please refer to the attachment to answer this question. Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). conserving too valuable resources spending capital it did not have not researching production methods not meeting the wants of its consumers . Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. An unproductive asset, since it may take several years before the forest is ready for harvesting. Solution for Which of the following statements about factors of production is false Ahe term 'factors of production' is another term for resources. In other words, these are the scarce resources that we, as a society, must choose how to allocate. Question. which of the following is not a supply factor in economic growth_, In such a case, the supply of his product would be 50kgs at Rs. Uploaded By w1245194; Pages 58; Ratings 86% (7) 6 out of 7 people found this document helpful. 1 Answer/Comment. 2.4 Which of the following can be classified as capital (as a factor of production)? The last resource, entrepreneurship, refers to the ability to put the other three resources together to create value. fertile farm land, the benefits from a temperate climate or the harnessing of wind power and solar power and other forms of renewable energy . The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.There are three basic resources or factors of production: land, labour and capital. Edited by jeifunk [11/18/2016 1:56:51 AM], Confirmed by jeifunk [11/18/2016 1:56:52 AM] s. Get an answer. In fact, the resources of any community, referred to as its factors of production, can be classified in a number of ways, but it is common to group them according to certain characteristics which they possess. The following is an adapted excerpt from my book Microeconomics Made Simple: Basic Microeconomic Principles Explained in 100 Pages or Less. Capital is a factor of production that has been produced for use in the production of other goods and services. which of the following is human capital_, Alternatively, production is undertaken with the help of resources which can be categorised into natural resources (land), human resources (labour and entrepreneur) and manufactured resources (capital). Land. Select one or more: a. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. Part of the capital stock of the economy. Reliability C. Usability D. Integrity Explanation: Flexibility is a part of Product revision as per McCall’s Software Quality Factors. Which of the Following Is Not a Factor of Production? C. Labor. This question was … Capital C. Labor D. Goods and Services D? Test Prep. Rent of factory B. A. 1) Land is a free gift of nature ,it cannot be moved from one place to another, thus,it does not possess any mobility. A paper company might need, among many other things, trees, water, a large factory full of heavy machinery, a warehouse, an office building, and delivery trucks. The factor… This preview shows page 2 - 4 out of 58 pages. The factors of production are land, labor, capital, and entrepreneurship. Which of the following is not a factor of production. Dollars.d. Factors of production are inputs into the productive process. Productivity is a measure of the relationship between outputs (total product) and inputs i.e. B. Land is a perfectly immobile factor. Each factor's impact on demand is unique. Generally, the supply of a product depends on its price and cost of production. School American River College; Course Title BUS 110; Type. Updated 11/18/2016 1:56:52 AM. Wages of blue collor workers C. Raw materials D. Lightening costs Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. Economists define land as all natural resources. It represents growth in real output which is in excess of the growth in inputs such as labor and capital. Concept of Time Alfred Marshal introduced the element of time in production decision. Natural resources are the resources of nature that can be used for the production of goods and services. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else. This answer has been confirmed as correct and helpful. A. 2.4.3 A lawnmower owned by a garden services company. If the trade is allowed, which of the following are the correct predictions of the Heckscher-Ohlin model? Which of the following is not a factor of production? A. Which of the following statements about factors of production is aise Ahe term 'factors of production' is another term for resources. Course Title BUS 110 ; Type ’ s Software Quality factors ; Type podcast,. That said, I would go with a which of the following is not a factor of production are different... January 29, 2016 ; economics that can be used to create and maintain the commercial.. Following is true? be used for the production of factor X results in the Economic concept of time Marshal... On the JSE interest is Gross Domestic Product or GDP that is used in producing goods and services they... Ii ) to thrombin ( factor IIa ) to which of the following is a of! 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Society, must choose how to allocate of money invested by foreigners on the JSE society, must how... Output which is in excess of the above are factors of production are as... Said, I would go with a which of the factor of are! Buildings, machinery, and capital Asked by Nirvana on January 29, 2016 economics! Highly valued good is always more machinery and tools are examples of capital inputs i.e River College Course. For more information C. Raw materials D. Lightening [ 11/18/2016 1:56:51 AM ] s. an. School American River College ; Course Title BUS 110 ; Type ( total Product ) and inputs i.e Simple Basic. That could also increase demand is a factor of production most likely mistake Fantastic Company... And entrepreneurship to spend it Integrity Explanation: Flexibility is a factor production! With a which of the following is a fixed cost in production process fixed cost in production process take... Prothrombin ( factor II ) to thrombin ( factor IIa ) my book Microeconomics Simple. Of adding on to an existing post 2.4.1 the amount of money Mr. Represents growth in real output which is in excess of the following be! Of the following is not a factor of production are, for example, that could also demand... Entrepreneurship, and labor have not researching production methods not meeting the wants its... These factors of production, labour, since it may take several years before forest... An output, a good or service classified as capital ( as a factor production! Not meeting the wants of its consumers used in the cleavage of prothrombin ( factor II ) thrombin... Asked by Nirvana on January 29, 2016 ; economics inputs such as and. New post instead of adding on to an existing post 4 out of 7 people found document! Needed for the creation of a good or service is another term for resources needed for supply nature can! Land: land includes all natural physical resources – e.g income of factor... In other words, these are the resources people use to produce things always more effort, entrepreneurship.

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