Answer to Question #307802 in Economics of Enterprise for Sweertheart

Question

Nowadays it even harder to get a job with a fake certificate?

Name the factor of production depicted in the cartoon?

Answer 1

Nowadays it even harder to get a job with a fake certificate?

No. Today's copying and printing technology make it simple to replicate a certificate, and it can be more difficult to detect than a fake $100 bill. Therefore, getting a job with fake certificate is more easier.

Name the factor of production depicted in the cartoon?

Land As a Factor

Land, as a factor of production, has a broad definition and may take many forms, ranging from farmland to commercial real estate to the assets accessible from a specific piece of land. Oil and gold, for example, can be obtained and refined for human consumption from the land.

Labor As a Factor

The work put in by an individual to bring a product or service to market is referred to as labor. It can manifest itself in a variety of ways. A construction worker on a hotel site, for example, is part of labor, as is a waiter who serves visitors or a receptionist who registers them.

Capital As a Factor

Capital is usually used to refer to money in economics. Money, on the other hand, is not a component of production because it is not used directly in the creation of a thing or service. Instead, it helps production processes by allowing entrepreneurs and business owners to acquire capital goods or land, as well as pay workers. Capital is the major driver of value for current mainstream (neoclassical) economists.

Entrepreneurship As a Factor

Entrepreneurship is the secret sauce that brings all of the other aspects of production together to create a consumer product or service.