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.
Explain how, if at all, each of the following affects the location of the production possibilities curve?
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
Elucidate the ways to finance corporate activity?
Define cyclical fluctuations?
surpluses drives price down,shortages drive up
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”.
What are the major provisions of GATT
How Reciprocal Trade Agreements Act had goal of reducing tariffs?
Please help me to solve the problem of economic that is given below: Economists describe economic costs as like: (w) money outlays. (x) accounting cost. (y) opportunity cost. (z) v
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
18,76,764
1942446 Asked
3,689
Active Tutors
1448632
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!