Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
The factors of production, including land, labor, capital, and entrepreneurship, are essential to goods and services production, enabling operation, task specialization, and innovation. They provide the means through which businesses can create their products or perform their services.
The factors of production are necessary for producing goods and services because they provide the resources businesses need to operate. These factors include: land, labor, capital, and entrepreneurship.
Land refers to all natural resources used in production, such as water, minerals, and land itself. Labor includes the physical and mental efforts of humans in production. Capital comprises machines, buildings, and tools used in production. Entrepreneurship, the risk-taking and organization of the other factors, is responsible for combining the other factors in an efficient manner.
Without these factors, production could not take place, specializing tasks becomes challenging, and there would be no medium to foster innovation.
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How you manage your money greatly depends upon your priorities and goals. For instance, if you goal is to have a financially secure retirement, you would need to start saving and investing now. However, if your goal is to live your best life now, then you may spend more in the short term.
b. False
This statement is (A) True.
Self-managed teams are generally described as employees who have been assigned with a certain task or work, and thus they alone are responsible for the completion of it.
Doing this ensures that each employee is aware of what assignment that he or she needs to do, and it also decreases the chance where diffusion of responsibility might occur due to the unclear nature of who is responsible for what task.
Answer:
The statement is True.
Explanation:
Self managed teams are the group of employees in an organization who plan and manage their daily day to day activities without any supervision. If there is a case in which supervision is necessary, then the it is very reduced supervision. Each member of the group is highly motivated and also motivates other members to complete their daily tasks. So the given statement is very true that self managed teams encourage each team member to be responsible for one particular task.
Answer: Intellectual property (IP)
The set of ideas, inventions, production processes, trademarks, trade secrets, and other intangible mental creations that belong to the company is called intellectual property (IP).
Explanation:
Intellectual property (IP) refers to original concepts and ideas created in the mind of employees or workers which have both a moral and commercial value. These ideas includes: inventions, symbols, literary and artistic work, images used in commerce, illustrations, articles, work processes and so on. It is creative output and property because it is a tradable commodity which belongs to a company.