Human capital refers to society’s understanding of the best ways to produce goods and services.

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: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Is opportunity cost a lost income? A. Yes  B. Not

A: Economics is the study related to production, consumption, and transfer of money

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: In advanced technology and capital goods are encouraged. Select one: o a. Market Economic System O…

A: In an economy, technological advancement and capital goods are the drivers of economic growth…

Q: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: Economics: Economics is all about making choices during the scarcity and allocation of these scarce…

Q: Types of Production A B D E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 What is the…

A: Here, a production possibility schedule is given for two types of goods, capital goods and consumer…

Q: What is the importance of stages of production?

A: There are three stages of production,and they are important for businesses to understand and analyze…

Q: What is the significance of the four forms of business? Write at least three each

A: What is the significance of the four forms of business? Write at least three each. Answer: There are…

Q: A summary of The Four Factors of Production?

A: The four factors of production are land, labor, capital and entrepreneurship. These are the…

Q: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

Q: Beginning in the late 1970s, economic reform in China allowed farmers, for the first time, to keep a…

A: China started a series of economic reforms in 1979. The central government provided farmers with…

Q: In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the…

A: The economy has scarce resources and unlimited wants and has a major of three questions which each…

Q: The three fundamental economic questions are what to produce whom to produce and_________?

A: Generally considering an economic entrepreneur or agent there are three fundamental economic…

Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…

A: Economics: It deals with market study and effects due to which there is a change in the rates of…

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: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: examples how the opportunity cost is important for people's live?

A: The opportunity cost of an action is what you should give up when you decide to make that choice. It…

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: What are Traditional Society, Command Economy, Market Economy, and Mixed Economy? Which is best?

A: When a certain good is manufactured, cost  takes place and process of business follow ups. Business…

Q: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: Why do entrepreneurs have trouble remaining objective when writing their business plans?

A: Some entrepreneurs fail to plan proper business plans as they don't want to test their ideas too…

Q: Explain "Fairness and Equality or giving all the people same opportunity"

A: The study of economics take into consideration the allocation of the resources which is available in…

Q: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: List the four factors of production

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

Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…

A: The opportunity cost refers to the amount or value that one has to give up in order to choose…

Q: The "invisible hand" directs economic activity through Select one: O a. prices. O b. advertising O…

A: Invisible hand refers to a situation where a market get its equilibrium without any external market…

Q: What are the economic significance of the stages of production

A: In economics, production is defined as a process of combining various inputs to make goods and…

Q: 22) In a free-market system, A) all economic decisions are made without government intervention. B)…

A: Free market refers to the situation where the economic decisions are made by the market without…

Q: Types of Production A В E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 What is the…

A: Opportunity cost (generally) is the cost of availing one opportunity in terms of loss of other…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

Q: Entrepreneurs are: a) enterprising person who discovers potentially profitable opportunities and…

A: ANS Entrepreneurs are those persons who organize and manages a business undertaking, accepting the…

Q: Which of the following people ultimately determines the product that a free enterprise (Market)…

A: Hello, Thank you for the question. Since there are multiple questions posted here, as per the rule…

Q: Magdalena decides to plant some fresh flowers in her garden? what is the opportunity cost a.Time…

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Characterize the different factors of production by identifying their roles in the production…

A: In financial frameworks, the responsibility for of production is thought to be with families, who…

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: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

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: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF  shows the combinations in the amounts which can be produced of two goods if the production…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.

Q: What are all the economic market structure and their differences? How to identify the market…

A: Dear Student as you have posted multiple questions, but we can attempt only 1 question at a time…

Q: Select one: O a. natural resources, capital, land area, and population size. O b. population size,…

A: *Answer:

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…