"The four factors of production are needed in an efficient market to provide goods and services at an affordable price a
Posted: Wed Jul 06, 2022 6:24 pm
"The four factors of production are needed in an efficientmarket to provide goods and services at an affordable priceatthe right time, place and mix,"... "Missing the calibration ofthese factors can be disastrous for the supplier andconsumer." The supplier may face higher costs of production,forcing them to charge a higher price to the consumer orrisk going out of business.Source:https://money.usnews.com/investing/inve ... onAccessed: 14/10/21With regard to factors of production, which of the followingstatements is NOT true?
a. Factors of production are also known as resources.b. In order to produce any good or a service, it is necessary tohave factors of production.c. Factors of production include land, labour, capital, andentrepreneurship.d. Only those resources that are privately owned are counted asfactors of production.
a. Factors of production are also known as resources.b. In order to produce any good or a service, it is necessary tohave factors of production.c. Factors of production include land, labour, capital, andentrepreneurship.d. Only those resources that are privately owned are counted asfactors of production.