This is the ability to organize other factors of production in appropriate proportions for effective production. One therefore incurs cost of production, pays rent, wages for labor and buys the raw materials and finally reward by the profit made.
joseph rimiru answered the question on November 21, 2017 at 20:13
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Define capital as a factor of production.
(Solved)
Define capital as a factor of production.
Date posted:
November 21, 2017
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Answers (1)
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What are the main characteristics of labor as a factor of production?
(Solved)
What are the main characteristics of labor as a factor of production?
Date posted:
November 21, 2017
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Answers (1)
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Define labor (human resource) as a factor of production
(Solved)
Define labor (human resource) as a factor of production
Date posted:
November 21, 2017
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Answers (1)
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Define land as a factor of production.
(Solved)
Define land as a factor of production.
Date posted:
November 21, 2017
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Explain the external business environments
(Solved)
Explain the external business environments.
Date posted:
November 21, 2017
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Outline four benefits of using a good filling system
(Solved)
Outline four benefits of using a good filling system
Date posted:
November 20, 2017
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Outline the characteristics of an entrepreneur
(Solved)
Outline the characteristics of an entrepreneur
Date posted:
November 19, 2017
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Outline the advantages of division and specialization
(Solved)
Outline the advantages of division and specialization
Date posted:
November 19, 2017
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Answers (1)
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What is specialization?
(Solved)
What is specialization?
Date posted:
November 19, 2017
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Answers (1)
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Define the following terms
a. Renewable resources
b. Non- renewable resources
(Solved)
Define the following terms
a. Renewable resources
b. Non- renewable resources
Date posted:
November 19, 2017
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Answers (1)
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Explain the term internal environment (micro environment) and give some examples.
(Solved)
Explain the term internal environment (micro environment) and give some examples.
Date posted:
November 19, 2017
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Answers (1)
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Define the term business environment.
(Solved)
Define the term business environment.
Date posted:
November 19, 2017
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Answers (1)
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State how goods and services produced in an economy are classified.
(Solved)
State how goods and services produced in an economy are classified.
Date posted:
November 18, 2017
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Answers (1)
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State the four factors of production
(Solved)
State the four factors of production
Date posted:
November 18, 2017
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Answers (1)
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List the three levels of production
(Solved)
List the three levels of production
Date posted:
November 18, 2017
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Answers (1)
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State the two types of production and state their characteristics.
(Solved)
State the two types of production and state their characteristics.
Date posted:
November 18, 2017
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Answers (1)
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What are the major classifications of economic resources?
(Solved)
What are the major classifications of economic resources?
Date posted:
November 18, 2017
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Answers (1)
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State the characteristics of services
(Solved)
State the characteristics of services
Date posted:
November 18, 2017
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Answers (1)
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State the two types of human wants and explain their characteristics.
(Solved)
State the two types of human wants and explain their characteristics.
Date posted:
November 18, 2017
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Answers (1)
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List the characteristics of human wants.
(Solved)
List the characteristics of human wants.
Date posted:
November 18, 2017
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Answers (1)