Backyard Landscaping Cost. Most backyards include a patio area and perhaps a lawn. But there are many parts to a backyard that can make it more personal and enjoyable. From a warm fireplace or fire pit, to a pool for cooling off, backyards are all unique and include many different elements.
Factors of Production. Definition: Factors of Production in economics are inputs that a business uses to produce a good or service. In other words, these are the building blocks or materials and supplies that businesses use to create goods and service in an effort to make a profit. Traditional economics breaks these materials into four factors of production:
ANSWERS TO END-OF-CHAPTER QUESTIONS. What are the four supply factors of economic growth? What is the demand factor? What is the efficiency factor? Illustrate these factors in terms of the production possibilities curve. The four supply factors are the quantity and quality of natural resources; the quantity and quality of human resources; the stock of capital goods; and the level of technology. The demand factor is the level of purchases needed to maintain full employment. The efficiency factor refers to both productive and allocative efficiency. Figure 17.1 illustrates these growth factors by showing movement from curve AB to curve CD.