Which of the following is an example of a capital resource?

Which of the following is an example of a capital resource?

Answer. Building, Machinery, Tools and equipment are some of the examples for capital resources.

What consideration must be addressed when deciding for whom to produce?

Which consideration must be addressed when deciding for whom to produce. The correct answer is deciding who needs the goods and services that are about to be produced.

Which is the most important natural factor of production?

The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.

What are the factors of production and their rewards?

When factors are used they earn a reward called a factor ‘income’. Factor incomes are: rent, wages, interest and profit. In basic economic theory, the more scarce and essential the factor the greater the reward. Factors can be substituted when possible, and this affects the relative reward.

What are the four requirements for production of goods and services?

The main requirements for the production of goods and services are land, labor, physical capital, and human capital. Labour: This is the main requirement, people who will do the work.

What are the four factors of production and their remuneration?

Land, labour, capital and enterprise are four factors of production and their remuneration is called rent, wages, interest and profit respectively.

What are the four factors of production class 12?

Factors of Production

• Land as a Factor of Production. It mainly refers to all the natural resources which are in nature.
• Labour as a Factor of Production.
• Capital as a Factor of Production.
• Entrepreneur as a Factor of Production.

What does remuneration mean?

Remuneration is payment or compensation received for services or employment. This includes a base salary and any bonuses or other economic benefits that an employee or executive receives during employment.

Why do factors of production get remuneration?

As wages are being paid for services of labor, interest is paid for the services of capital, rent is paid for the services provided by the land or other immovable assets and profit is for the factor of payment to entrepreneurship. They are broadly divided in the three factors of production: land, labor, and capital.

Which of the following is not considered as a factor of production?

Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.

Is knowledge a factor of production?

Knowledge has become a key factor of production and it heavily affects the returns of Capital, Labor and Land.

Is raw material a factor of production?

Raw materials are commodities that are bought and sold on commodities exchanges worldwide. Traders buy and sell raw materials in what is called the factor market because raw materials are factors of production as are labor and capital.

What is the aim of production?

The aim of production is to produce the goods and services that we want. There are four factors of production: (i) Land. The first requirement of production is land, and other natural resources such as water, forests, minerals.

What is the main aim of production class 9?

Aim of Production :-The aim of production is to produce the goods and services to generate wealth that we want for ourselves. There are four requirements needed for the production of goods and services which are land, labour, capital and Human Capital or Entrepreneur.