Question

what are the factors of production? How can economies grow when one or more of the...

what are the factors of production? How can economies grow when one or more of the factors is weak?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer:

What are the factors of production? How can economies grow when one or more of the factors is weak?

The components of production are natural resources, capital, human resources and entrepreneurship. An economy can only grow when one or more factors are weak (as Hong Kong has done) because an economy can succeed when it is able to recognize and promote entrepreneurship. Hong Kong ranks among the richest economies because "the government actively encouraged entrepreneurship, which boosted wealth creation."

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Discuss some of the characteristics of emerging economies. Why do they grow faster than more advanced...
Discuss some of the characteristics of emerging economies. Why do they grow faster than more advanced economies?
Sometimes, even when production increases that is when economies of scale takes place, the price level...
Sometimes, even when production increases that is when economies of scale takes place, the price level rises, how is this possible ?
how do populations grow and change? What factors are important? How are the distributions of these...
how do populations grow and change? What factors are important? How are the distributions of these organisms discribed? what does this tell youabout human populations?
The ‘indivisibility of large scale, more efficient processes of production’ is a source of technical economies...
The ‘indivisibility of large scale, more efficient processes of production’ is a source of technical economies of scale. True/False
“Economies of scope” exhibits when the joint cost of producing two or more goods is less...
“Economies of scope” exhibits when the joint cost of producing two or more goods is less than the sum of the separate costs. One of the examples is the oil refinery using the exhausted heat to cogenerate electric power. Please provide one more example of industry exhibiting economies of scope. An URL reference link to support your answer is a plus.
A production possibilities frontier that is a bowed-inward line implies Select one: A. no economies of...
A production possibilities frontier that is a bowed-inward line implies Select one: A. no economies of scope. B. economies of scale. C. economies of scope. D. diseconomies of scope.
If entropy can only increase in a closed system, then how can life grow more complex...
If entropy can only increase in a closed system, then how can life grow more complex over time on Earth? Doesn't this violate the 2nd Law of Thermodynamics? Explain?
Q2: Some economists suspect that one of the reasons that economies in developing countries grow so...
Q2: Some economists suspect that one of the reasons that economies in developing countries grow so slowly is that they do not have well-developed financial markets. Does this argument make sense? Q3. When interest rates fall, how might you change your economic behavior? Q4: Why are financial markets important to the health of the economy? Q5: When the American dollar worth more in relation to currencies of other countries, would an American be more likely to buy American-made or foreign-made...
A firm's average cost of production can decline over time because of economies of scale or...
A firm's average cost of production can decline over time because of economies of scale or (and) because there is a learning curve. What is the difference between these two effects?
What steps would you expect to see middle income economies taking in order to grow their...
What steps would you expect to see middle income economies taking in order to grow their economy?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT