Question

Investigate two inputs for each factor of production of book store's new stationery line

Answer 1

Answer:

Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.

Explanation:

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Answer 2

Answer:

Explanation:

Inputs required for the factors of production of book store's new stationery line:

Inputs utilized to create an output, such as commodities and services, are referred to as factors of production. They are resources needed by a business in an effort to produce goods and services at a profit. The four categories of production factors are land, labour, capital, and entrepreneurship.

Factors of production:

The natural resource used by an enterprise to produce goods and services and make a profit is land. Land is not merely limited to real estate or tangible stuff. Any natural resources that the land produces are included, including gold, coal, crude oil, water, and natural gas. Natural resources are components used in the creation of commodities and services.

The amount of work performed by workers and labourers that goes into the production process is referred to as labour. A worker, for instance, contributes to labour resources if their labour results in the creation of a good or service.

Any equipment, structure, or machine utilized to produce products or services is considered capital. The amount of capital varies by industry. For instance, a computer scientist utilizes a computer to write code; the computer is their capital. In contrast, a chef employs pots and pans to provide a good or service, therefore those items represent his or her capital.

These production components are combined through entrepreneurship in order to make money. For instance, a businessperson combines labour, machines, and gold to create jewellery. The entrepreneur assumes all of the advantages and risks associated with creating a good or service.

Economics School of Thought on Production Factors:

The same sorts of production inputs are typically identified by economics schools: land, labour, capital, and entrepreneurship (intellectual capital and risk-taking). Most schools of thought, including monetarist, neoclassical, and Keynesian, agree on who should own the factors of production and their functions in economic growth. Marxist and neo-socialist schools contend that nationalization of the factors of production is necessary and that worker capital is the main source of growth. The Austrian school, which contends that the structure of the factors of production drives the business cycle, is possibly the most capital-intensive school.

The ownership of the major factors of production is the main topic of contention between capitalism and socialism. According to capitalists, private ownership is a prerequisite for innovation, competition, and long-term economic prosperity. Marxists and socialists contend that the accumulation of private capital results in unrestrained wealth inequality and the consolidation of power in the hands of a small number of commercial interests.

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