ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labor
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Capital
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Education of labor pool
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HDI of country where factory may be located
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Detailed explanation-1: -Location factors related to the costs of factors of production inside a plant, such as land, labor and capital. Why do manufacturers try to locate its factor as close as possible to its inputs and markets? To cut transportation costs. When is the optimal plant locations as close as possible to inputs?
Detailed explanation-2: -The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services. Some common examples of capital include hammers, forklifts, conveyer belts, computers, and delivery vans. Capital differs based on the worker and the type of work being done.
Detailed explanation-3: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-4: -What are the three production cost factors associated with the site of an industry? Land, labor, and capital.
Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 03-Feb-2023