ECONOMICS
MARKET FAILURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Union
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Human Capital
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Factors of Production
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Negative Income Tax
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Detailed explanation-1: -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.
Detailed explanation-2: -Produced goods used as inputs for the production of other goods comprise the resource known as c. Capital. Capital goods are those goods that are used for further production of other commodities. They are used in the future for purpose of productivity.
Detailed explanation-3: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.
Detailed explanation-4: -Physical Capital. Land. Human Capital. Labour.