Question: QUESTION ONE [40] 1.1 Explain the two main primary factors of production utilised in the manufacturing of goods and services. (12) 1.2 Discuss technological improvement

QUESTION ONE [40]

  1. 1.1 Explain the two main primary factors of production utilised in the manufacturing of goods and services. (12)
  2. 1.2 Discuss technological improvement as a factor that contributes to economic growth in terms of the production possibility frontier model. (Assume there is technological progress in the production of both the goods). Use a diagram to motivate your answer. (14)
  3. 1.3 Assess the following factors in relation to the basic economic problem of scarcity. Use examples to motivate your answer:
  4. 1.3.1 Opportunity cost (7)
  5. 1.3.2 Efficiency (7)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

QUESTION ONE [40] 1.1 Explain the two main primary factors of production utilised in the manufacturing of goods and services. (12) 1.2 Discuss technological improvement as a factor that contributes...

Q:

Businesss 7. The next 2 parts to this question give changes that have occurred in the broiler chicken market. For each change in a determinant given, draw in the change that would occur on the...

Q:

Case Study 2: A Couple of Squares In June 2012, Bernadette Erb, director of Marketing and one of the co-founders/co-owners of A Couple of Squares bakery, sat at their desk, working on the company's...

Q:

QUESTION FIVE(20 Marks) A producer of a new range of energy drink introduces their product at R25 per can. After a month of sales, they introduce a special of R 40 for two cans. A month later they...

Q:

QUESTION FOUR(20 Marks) Assume that a perfectly competitive hand sanitiser market is in long-run equilibrium. The price of hand sanitisers is observed to increase during the COVID 19 pandemic, and...

Q:

Figure 1 diagram shows a situation of... a) Economic profit under perfect competition b) Normal profit under perfect competition c) Economic profit under monopolistic competition d) Normal profit...

Q:

In the Solow growth model investment equals Question 1 options: saving. output. consumption. the marginal product of capital. Question 2 (1 point) In the Solow growth model, it is assumed that a(n)...

Q:

help me kindly EXERCISES FOR CHAPTER 1 Exercise 1.1 An economy has 100 identical workers. Each one can produce four cakes or three shirts, regardless of the number of other individuals producing each...

Q:

Solve the following questions Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and...

Q:

Solve the following questions Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and...

Q:

yt + 1 = -1.2yt with y0 = 2.0. When will the value exceed 100?

Q:

You are the CFO of ABC Manufacturing Company. Your Company is considering the purchase of a machine which will automate its production process. You have been asked by the President to justify the...

Q:

ultiple Choice Question Bonds that are judged to be of the best quality would have which rating? Multiple choice question. III or iii 1A AAA or Aaa 1

Q:

Using the data attached: a. Draw a project network. b. What is the critical path? c. What is the normal project cost? d. What is the total cost of the project if you need to crash it by 1 week?...

Q:

8. How can an interpreter influence the message?

Q:

The geographical location of the sender, i.e. where the sender resides

Q:

Subjective norms, i.e. the norms of the target group