ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which factor of production is best for improving the quality of the products?
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Target Market
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Technology
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Resources
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Standards
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Explanation:
Detailed explanation-1: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.
Detailed explanation-2: -Therefore, you could argue that labor is the most crucial factor of production.
Detailed explanation-3: -The factors of production are the resources used in creating or manufacturing a good or service in an economy. Economic growth only comes from increasing the quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Changes in cost of production. Government policies. New technologies. net migration. Improvements in Education & Healthcare.
There is 1 question to complete.