C Describe a Firms Factors of Production

Question 1

Factors of Production

Answer 1

The resources a firm uses to generate output

Question 2

Factors of Production

Answer 2

The resources a firm uses to generate output

Question 3

Factors of Production

Answer 3

The resources a firm uses to generate output

Question 4

Land

Answer 4

Where the business facilities are located

Question 5

Labor

Answer 5

All workers (unskilled labor to top management)

Question 6

Capital

Answer 6

Physical capital or PPE (manufacturing facilities, equipment, facilities)

Question 7

Material

Answer 7

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

Question 8

Production Function

Answer 8

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.

Question 9

Land

Answer 9

Where the business facilities are located

Question 10

Labor

Answer 10

All workers (unskilled labor to top management)

Question 11

Capital

Answer 11

Physical capital or PPE (manufacturing facilities, equipment, facilities)

Question 12

Material

Answer 12

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

Question 13

Production Function

Answer 13

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.

Question 14

Land

Answer 14

Where the business facilities are located

Question 15

Labor

Answer 15

All workers (unskilled labor to top management)

Question 16

Capital

Answer 16

Physical capital or PPE (manufacturing facilities, equipment, facilities)

Question 17

Material

Answer 17

Inputs into the productive process (raw materials [iron, ore, water], manufactured inputs [wire, microprocessors])

Question 18

Production Function

Answer 18

Q=f(K,L)

An increase in product; an increase in total product: happens per marginal product of labor (additional output)

DMP or DMR occurs at points where output begins to decrease per additional worker.

MP increasing indicates a positive slope, beyond that where additional output is negative the production function slopes downward.