What are economic resources
What are economic resources? What are the major functions of the entrepreneur?
Expert
Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process. Economic resources are essential to create the outputs desired by society as these names imply. Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in others. Water in the middle of a lake, for example, is not an economic resource: Anyone can have it free. But the same water piped to a factory site is no longer free: Its movement must be paid for by taxes or by a specific charge. It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factory’s production.
Define Dependent and independent variables?
Describe unanticipated inflation?
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Who will get the goods and services?
What happens to the supply curve when each of these determinants changes?
Describe unequal burdens of unemployment exist?
From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
Illustrate a fundamental characteristic of demand behavior?
Can someone help me in finding out the right answer from the given options. The private sector is decomposed into: (1) Businesses and investors. (2) Households and stockholders. (3) Households and investors. (4) Businesses and households.
Briefly explain the term Operating Leverage?
18,76,764
1951518 Asked
3,689
Active Tutors
1427699
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!