Mindblown: a blog about philosophy.
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Factor of Production: Enterprise example
Factor of Production: Enterprise example Enterprise is the factor of production which combines all the 3 factors of production and takes the risk to engage in business activity. I gave the example of a factory in the last video and this time I would like to tell you who where the enterprise would come. Enterprise…
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Factor of Production: Capital example
Factor of Production: Capital example I have always found it really exciting to explain this concept. Ok now we are going to being. First of all determine what is the thing which is made by the man and what it is this which is available naturally? All those man-made things which facilitate the production process…
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Factor of Production: Labor example
Factor of Production: Labor example Labor is all the mental and physical effort put in order to make a product. Some people have the wrong conception that only the workers would be included in the labor, but actually the management which is working in a company would also be included in the labor because management…
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GRE Course Outline
GRE stands for Graduate Record Examination. This is a Computer-Based exam and the total duration of the exam is 4 hours. There are going to be a total of 6 sections in the exam. The three skills tested in the exam are going Verbal ability, Quantitative ability and Analytical Writing. To sit for the GRE…
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TOEFL test dates Kabul Afghanistan year 2013
TOEFL test dates Kabul, Afghanistan year 2013 Date sheet of TOEFL has been announced for the year 2013 for candidates living in Kabul. Sat., Apr 20, 2013 Sat., May 11, 2013 Sun., May 26, 2013 Sat., Jun 15, 2013 Sun., Jun 30, 2013 FET SYSTEM is offering online preparatory classes for those learners and…
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Factor of Production: Land example
Factor of Production: Land example An example of land would be the fields on which crops are grown. In order to grow crop a place will have to be found where the crops could be grown and that place would be the fields. To clarify it further I want to give you another example. Imagine…
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Factor of production: Land
Factor of production: Land Land is a factor of production. Land consists of all the things which are on the land and they could be used to produce other products. Land also consists of all the minerals or things which are under the ground.
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What are the factors of production?
What are the factors of production? I have been talking about resources, and I have repeatedly told you that resources are limited. Now I am going to tell you what resources are. Resources are the all the things which could be used to make a product. Factors of production are another word for resources. Factors…
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Opportunity cost for an individual
Opportunity cost for an individual Imagine you have 100 dollars in your pocket and you want buy two games. The cricket game is worth 80 dollars and the hockey game is worth 75 dollars. What happened right now? Well this is called scarcity and now you will have to make a choice. The choice you…
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Scarcity is everywhere
Scarcity is everywhere Scarcity is the situation where there are limited resources and unlimited wants. Scarcity is everywhere. There is a common misconception that only poor people have to deal with scarcity, but the real concept is that every single person in this world has to face to face the problem of scarcity at some…
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