Tag: factor
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Opportunity cost is
Opportunity cost The next best alternative foregone when a choice is made Opportunity cost is never in money value Opportunity cost is the benefits which could have been received by taking an alternative action. Circumstances where opportunity cost is present Opportunity cost and consumers Opportunity cost and workers Opportunity cost and producers Opportunity cost…
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Enterprise-factor of production
Enterprise The people who bring the other 3 factors of production together to produce goods and services are called entrepreneur. In this process they do the decision making and risk taking.
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Labour-factor of production
Labour Manual and mental effort to produce or deliver goods and services People who are willing or able to work are known as labour work force. Examples: Clerks Computer technician level Economics Teacher
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Land-factor of production
Land Natural occurring resources used for production purpose Examples: Earth on which mills are built Water in which fish is found Raw materials used to produce goods
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Factors of production
Factors of Production Land Labor Capital Enterprise