NO
Business profits are impacted by several factors. One important one is the taxes it must pay. Another is operating costs. The impact of its competitors also affects profits. Profits are also impacted by salary costs.
any output from factors of production can bring revenue depending on the industry where a firm operate in
In a perfectly competitive market, factors that contribute to the sustainability of positive economic profits include efficient production processes, low production costs, high demand for goods or services, and barriers to entry that prevent new competitors from entering the market easily. Additionally, innovation and differentiation can help companies maintain a competitive edge and sustain profits over time.
Factors of production
Factors of production.
There are definitions on the factors of production located on the Wikipedia website, Investopedia and also Business Dictionary. The four factors of production are the following; land, labour, capital and enterprise.
There arent only 2 payments of production and it depends on which factor of production you're talking about. For Labour - the payment to the factor is Wages, For Capital - Interest For land - Rent Entrepreneurship - Profits These payments to the factos of production are provided by the firms. M x
to acquire profits
expansion phase
The Fixed Proportion Production Function, also known as a Leontief Production Function implies that fixed factors of production such as land, labor, raw materials are used to produce a fixed quantity of an output and these production factors cannot be substituted for the other factors.
Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship.
what factors of production is needed for photography