Question

suppose that you want to set up a flower shop in the school exhibition for one week list of the factors of production by estimating the amount of money required for each factor production

Answer 1

Supposing that you want to set up a flower shop in the school exhibition for one week, the list of the factors of production and their estimation are as under:

(i) Flowers; It is the main item of sale hence it takes 65-70% of the budget.

(ii) Stalls/Rent; This takes 20% of the budget.

(iii) Wages; Workers at the exhibition require wages which takes 15-20% of the budget.