Can someone help answer these questions in detail? 1.Who uses the factors of production? 2.What are the factors of production? 3.Why should knowledge be considered a factor of production? Why not technology? 4.Who owns the factors of production? 5. Post coronavirus impact of factors of production?
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Answer:
1) Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
2) In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
3) In the current economic context, knowledge becomes the new nucleus of progress. If in the traditional economy the production factors were land, labor and capital, in the new economy knowledge is the major component of the productive system.
4) As such, factors of production, such as land and capital, is owned by workers.
5) Consequences of cornavirus will be beyond economic ones. In adition of the economic recession, people are living in high degress of stress. We know that stress has bad consequence on the heath difficult to evaluate on short-run.