Average Total Cost Total Cost(TC) output(Q) Total Revenue =PxQ Four (4) categories of resources: (4 points with explanations and appropriate example * 3 marks = 12Type of marks) (1) LAND Resources (2) LABOUR All natural resources‚ such as minerals‚ forests‚ water‚ and unimproved land. Definition The physical and mental talents people contribute to the production process. Oil‚ wood Example A person building a house (3) CAPITAL Type of Resources Produced
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egg must be raw and either Large or X-Large. If a parachute is attached to the container‚ it must be made from scratch using everyday materials. (Parachutes that were previously attached to a toy‚ for example‚ are not allowed.) The container must land within a hula hoop placed on the ground directly below the point of release. The egg must not break upon landing. Write an essay‚ 1-2 pages in length‚ describing how you incorporated principles of physics into the design of your egg container
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2. Body 3.1. Land (Sibusiso) 3.2. Labour (Chelsea) 3.3. Capital (Tsakani) 3.4. Entrepreneurs (Fortunate) 3. Conclusion (Gugulethu) 4. Glossary of terms 5. ARTICLE 1 6. ARTICLE 2 7. Bibliography INTRODUCTION Definition of ’Factors of Production ’ An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land‚ Labour‚ capital and
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Manlove defines fantasy as ‘a literary genre in which non-rational or magical phenomena play a significant part’ (Manlove‚ 1975‚ 1). Following this definition‚ The Cuckoo clock would be classified as a fantasy by several elements in the story. To begin with‚ the story is based on the classic idea of a child communicating with animals or objects. In this case‚ that object would be the wooden cuckoo coming out of the clock. This idea itself is quite a common subject matter for children’s literature
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equipment‚ buildings‚ and land. Intangible assets may be represented by a piece of paper or document. The real value of such assets is the rights and privileges extended to their owners. Examples of intangible assets can be a patent or a trademark. Property‚ plant‚ and equipment include furniture‚ machinery‚ computers‚ and fixtures that can be removed and used somewhere else. Real property is land‚ land improvements‚ building‚ and other structures attached to the land. Cost basis of a long-lived
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Natives speak Spanish and become part of their society as well as to work. After the Natives become part of that society‚ a Presidio was set up. The purpose of the Presidio was to guard and protect the Mission and the people in it. Military forces opened land right after the Presidio was set up in order for the Natives to do labor. Finally after everything is set up‚ the Spaniards can make their own Pueblo. The Pueblo meant that native laborers were always supervised and the Presidio kept outsider away
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1. Why is the assumption of land as a homogenous factor of production no longer considered tenable? In classical economics‚ land along with labor and capital are considered as one of the factors of production. Land is often regarded as the original factor of production because it is found in nature and therefore not produces and cannot be derived from anything else. As a natural good‚ land was considered the source of wealth thus agriculture was the only sector that could increase it. Thus
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their livelihood. Fernandes (1984) argues or that the destruction of forests over the past few decades has deprived tribes of their livelihood‚ particularly source of food. It has also resulted in their impoverishment‚ indebtedness and in many cases land alienation and even bondage. The concept of livelihoods and livelihood analysis emerged in the mid-nineties- closely associated with poverty reduction strategies. Livelihood of the poor can never be understand in any track logic be it economic‚ social
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CONTENTS Factors of production Description Sectors Key Factor Conclusion FACTORS OF PRODUCTION • Land • Labour • Capital • Entrepreneurship LAND Includes any natural resources used to produce goods and service i.e. not just land but anything that comes from land Land refers to all natural resources both renewable and non renewable. Income that resource owners earn in return for land resources is called rent LABOUR Labour is the effort that people contribute and includes all physical
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category. Ans: Biotic resources - 1. human beings‚ 2. natural vegetation. Abiotic resources - 1. water‚ 2. coal‚ 3. petroleum. Renewable resources - 1. forests‚ 2. solar energy. Non-renewable resources - 1. coal‚ 2. CNG. Individual resources - 1. land‚ 2. house. Community resources - 1. grazing grounds‚ 2. public parks. National resources - 1. minerals‚ 2. river water. International resources - 1. resources from ocean water and sea-bed beyond 200 km. of EEZ‚ 2. sea-routes Potential resources -
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