But how utility is created or added in the good? In other words how a carpenter makes a chair out of a log of wood? The carpenter need a space to work, some instruments with which he will work and contributes his own labour time for the purpose.
In economics these things are known as the factors of production. Therefore anything that helps in the production of goods and services is called a factor of production.
In the above example the space or the house needed for the carpenter to work is called land. His own personal efforts are called labour and his instruments are called capital. The classical economists had divided the factors of production into the above three categories. Later the noted neoclassical economist Alfred Marshall introduced organization as the fourth factor of production. Therefore in the traditional classification of factors of production, we have four factors of production like land, labour, capital and organization.
Research shows that all-inclusive accommodation hotels make a lot of money even though they usually have a limited economic impact to the host country. Additionally, the infrastructure of a country can affect the performance of the industry in different ways. For tourism to thrive in any economy, a country requires good transport and communication networks. For instance, there should be easy international connectivity through airports to facilitate entry and exist of tourists from different parts of the world.
No tourist would enjoy visiting a country that lacks connection to leading international cities. This applies to the local transport system, which has to be in good state to attract guests from all over the world. In the event a country ventures into the tourism industry with poor infrastructure, it is likely to incur huge expenses in order to attain standards.
Unlike other industries, tourism offers seasonal opportunities. For example, people prefer travelling during the winter season to other destinations like Africa, which do not experience these seasons. This situation leads to economic challenges for countries, which largely depend on the sector. For workers in this sector, they lack job security, as they can be rendered jobless once the peak season is over.
Because of this, some entrepreneurs and governments do not invest heavily in the industry because of its unreliability.
Where can you get discounts when sourcing essay help? We judge attractive people differently from people who are not attractive. We judge people of one race differently than we judge those of another. This leads us to another factor that influences social perception—stereotyping.
Our society has built up stereotypes about what certain kinds of people are like. We have stereotypes about blonde women. We have stereotypes about people who are of various races. We have stereotypes about people who wear certain kinds of clothes. Our perceptions of people who fall into stereotyped groups tend to be shaped by those stereotypes.
Jun 24, · With the help of key success factors assignment help homework on this topic can be dealt. Characteristics of success factors When it comes to the various factors of success of a company, there are a few characteristics which are common to all of them/5().
It means to express a number as the product of its factors. Factors are either composite numbers or prime numbers (except that 0 and 1 are neither prime nor composite). The number 12 is a multiple of 3, because it can be divided evenly by 3. 3 x 4 = 12 3 and 4 are both factors of 12 12 is a multiple of both 3 and 4.
Fixed factors are those which remain unchanged as out output of the firm changes in the shout-run. Variable factors are those factor inputs which change with the change with the change of output in the short run. Need even more information? Don't forget to search the reference sources of Infoplease for answers to your homework questions.
Factors of Production in Microeconomics Home» Microeconomics Homework Help» Factors of Production As discussed above production is the creation of utility. Social perception can be defined as the process of perceiving other people. It is the process by which we look at other people and decide what they are like and how we will respond to them. Such a process can be influenced by a number of factors. One of the most important of these factors is physical appearance.