Answer to Question #319186 in Microeconomics for samson

Question

1.   Consider all the factors of production: labor, natural resources, capital, entrepreneurs, technology, and knowledge. Is each resource a vital part of the school you attend or the company for which you work? Which factors do you believe are most important to the goods and services provided by the organization?

Answer 1

Each resource forms an important part of the organization I work for. Indeed, each of the resource can be considered vital in the production process of the organization. The factors I believe are important to the goods and services provided by the organization are labor, capital, technology and knowledge. Without applying these four factors, it may be difficult for the company to provide goods and services effectively. Labor is important in the production process while capital is necessary in buying raw materials. Knowledge and technology assist in ensuring goods are services are provided effectively.