True/False The resources used to make all goods and services are called factors of production

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: A Markets for Goods and Services Firms Households C Markets for Factors of Production Refer to…

A: Here flow of factors of production is shown between household and firms and that is represented by…

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: Explain how markets can allocate resources in a way that they go to those who value them the most.

A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…

Q: Factors of production are A) the mathematical calculations firms make in determining their optimal…

A: Economics has categorised four major types of factors of production. They are land, labor, capital…

Q: Discuss the three types of business ownership in a market economy. Define and give at least 3…

A: An economy is defined as all activity in a given region that is connected to the production,…

Q: Name a way that your family interacts in the factor market and a way that it interacts in the…

A: The market is the place where the buyers and sellers interacts with each other and the exchange of…

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: Firms Households Markets for Factors of Production

A: Household is the supplier of factor of production, i.e., labor and capital Firm is the buyer of…

Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…

A:

Q: Relate why economic profits occur and how profits, along with losses, allocate resources among…

A: Economic profits equal to total revenue minus implicit and explicit cost both. Economic profits…

Q: State two important of each factors of production

A: Factors of production are the resources required to produce goods and services in an economy. These…

Q: The possible combinations of two goods that can be produced in a certain period of time under…

A: The Variation in the production of two goods in the specific time period is illustrated by the…

Q: “As long as all resources are fully employed and every firm in the economy is producing its output…

A: Answer: Introduction: First of all, let us understand the meaning of efficient scale of production.…

Q: Goods and services which help in the production process are called: (a) Raw materials (b) Factors of…

A: # We need resources and technology to produce goods and services in the economy and to satisfy our…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: Combinations of goods on the production possibilities curve O can be produced using currently…

A: Correct : can be produced using currently available resources and technology.

Q: Adam Smith did not considered ________ as one of the component of production

A: According to the given question The components of the production in economics can be classified into…

Q: Why in Pure Specific Factors only Owner of A benefits but in Mixed both owners of K and owners of A…

A: The specific factor model assumes that production factors do not migrate from one sector to the…

Q: The graph which indicates the various production possibilities of two products when resources are…

A: Production possibility frontier or PPF shows the various combination of two goods that can be…

Q: What do you mean by the production possibilities of an economy

A: Production possibilities of an economy refer to different combinations of goods and services which…

Q: As an economist it is important to know that resources are scarce. Explain what u understand that…

A: Time, money, labour, equipment, land, and raw materials are all limited resources. There are never…

Q: Resources used to make goods and services are called A factors of B people production C scarcity D…

A: PLEASE NOTE THAT AS PER THE POLICY I HAVE SOLVED THE FIRST THREE SUB-PARTS. PLEASE POST OTHER…

Q: A mattress company can create mattresses to sell in retail stores/online or utilize the same…

A: The word "opportunity cost" is a macroeconomic concept that refers to resource shortage. Due to a…

Q: Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket…

A: Opportunity costs are the costs incurred when choosing next best alternative

Q: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: List the four factors of production

A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…

Q: In economics, when discussing the factors of production, the term land refers to A) farmland. B)…

A: Factors of productions are:- Land :- It means all the natural resources required for production of…

Q: Explain the focus of economics on the "allocation, distribution, and use of resources".

A: The economics is the study of the social science which would deal with the distribution, allocation…

Q: An economy is in a state of productive efficiency, when it distributes fairly the goods and services…

A: Productive efficiency is defined as an economic concept that states about producing the maximum…

Q: True or False  If a good is labour intensive it means that no capital is used in the manufacturing…

A: Factors of production refer to the inputs which are used for the production of a service or a good.…

Q: fill in missing word   The _______ economy is a way of organizing activity based on returning all…

A: Close loop economy - An economy in which no waste is generated i.e. when the waste is generated…

Q: Economists refer to the inputs that firms use to produce goods and services as a. derived factors.…

A: Using definition of each and every option. a. Derived factors used to define the eligibility of a…

Q: Efficiency means that: Select one: O a. society has dependence on foreign energy sources b. society…

A: Use of something in such a manner that wasting can be minimised and outcome can be maximised.

Q: goods a. The willingness and ability to take the risks involved in starting and managing a business.…

A: The given match the following is related to production and factors of production.

Q: 1. Any resources that are made by humans and used to create other goods and services are called…

A: ("Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Everything is made up of the four factors of production.  Look at the shirt you have on right now.…

A: The four factors of production are Land Labor Capital Entrepreneur

Q: Discuss the factors of production and how it can be accessed.

A: Factors of production are important for carrying out business activities and for overall economic…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: It is given that the town has the total population of 100 people. The town likes to consume the hams…

Q: The technically efficient combination of two products a busniness can produce in the current period…

A: Production is the process by which goods and products are made or manufactured from raw materials or…

Q: Classify each resource used in production as land, labor, capital, entrepeneurs, or human capital.…

A: 1. Natural resources Labour Physical capital Entrepreneurs Human capital ore Lake Casitas The…