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.
Describe briefly Low financial leverage, low operating leverage?
Describe the equation of a linear relationship?
Question: Cineplex and AMC are two rival movie theatre chains. They must each decide whether to set an admission price of $10 or set an admission price of $12; of course, the number of movie goers (and thus their r
Advertising costs or persuasive advertising: When the expenses incurred by a find to persuade the potential consumer to present their brands or products as different or better compared to another brands or products is termed as advertising costs or pe
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
What do you mean by inflation
Explain the statements: Entrepreneurs and business are at the helm of the economy.
Distinguish between a change in demand and a change in the quantity demanded?
Define the Legal forms of businesses?
What are the limitations of Circular Flow Model?
18,76,764
1941682 Asked
3,689
Active Tutors
1426523
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!