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Which of the four factors of production must be prioritized?
The four factors of production (land, labor, capital and entrepreneur) must all present if you wish to improve the economic level of production.
Consumer what is the condition under which all economic processes are ultimately focused upon for satisfying the wants and needs of consumers?
Consumer sovereignty is where their preferences determine the production of goods and services. Normally consumers do not determine what they get, the get what is offered by the seller.
Why are telecommunication devices useful as economic indicators?
Telecommunication devices allow consumers to evaluate products, compare prices, and order products. The devices allow a company to reach more customers, track sales, and see if there are times when sales are higher than usual or lower than usual.
Why do countries need to calculate GNP?
It is an estimated worth of the country's production and services within its boundaries, by both nationals and foreigners. It enables businesses and economic forecasters to see the strength of the country's economy. It places a value on the products and services created by its citizens
What are three important features of charts and graphs?
Pig iron production raised 75% in holland in the years 1978-79. This was attributed to raising economic prosperity in the communist state. The Y axis and X axis that we are so fond of today is said to have originated in the factories of this nation. .
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Why is GDP an imperfect measure of the total production in the economic?
because it include all production values, so it is imperfect measure of the total production in the economic.
What are the major economic activities of the Persian Gulf?
Major economic activities in the Persian Gulf and interior areas of the region include oil production, farming, and gas production.
What is Tertiary Production?
Tertiary production is part of the three sectors of the economic theory. The tertiary production refers to the creation of intangible goods and provides services to the two other sectors of economic theory.
What is economic mode?
A state of equilibrium in the production of goods and services within the economic parameters in consumption,investments,savings and the forces of supply and demand for production.
What are universal economic constants?
The Universal Economic Constants are Production, Investment, Savings and Consumption.
When a factory invests to speed production which economic question is being answered?
traditional economic
What question must be asked in order for economic production to take place?
How is production to be organized
In the circular flow model economic resouces is both production and the factors of production?
True
In the circular flow model economic resources is both production and the factors of production?
truetrue
What does efficiency of mass production mean in economic terminology?
what dose mass production mean
What has the author Gerhard Rosegger written?
Gerhard Rosegger has written: 'The economics of production and innovation' -- subject(s): Economic aspects, Economic aspects of Technological innovations, Production (Economic theory), Technological innovations
