In market socialism, prices are determined by the government and the goal is to achieve market equilibrium while, in a mixed economy, prices are determined by the market’s shifts – although the government can intervene to “protect” citizens and prevent economic inequalities.

In what type of economy do consumers decide what is produced? Consumers decide which products will be produced. In a command economy are you likely to find neighbors that have. the same goods and services.

The two predominant economic systems today are capitalism and socialism.

Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

Economic systems are ways that countries answer the 5 fundamental questions:

• What will be produced?
• How will goods and services be produced?
• Who will get the output?
• How will the system accommodate change?
• How will the system promote progress?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Inflation, gross domestic product (GDP), national income, and unemployment levels are examples of macroeconomic factors.

Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.

The Four Factors of Production

Energy, climate change, resource scarcity, demographics, economic rebalancing. A good business needs a good economy needs a good society. There cannot only be mutuality of interest – there must also be mutuality of purpose. There is a need to encourage research to support policymakers to respond to these challenges.

In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.

Production function is the mathematical representation of relationship between physical inputs and physical outputs of an organization. There are different types of production functions that can be classified according to the degree of substitution of one input by the other.

Production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.

What are the main features of production ?

• Substitutability: The factors of production or inputs are substitutes of one another which make it possible to vary the total output by changing the quantity of one or a few inputs, while the quantities of all other inputs are held constant.
• Complementarity:
• Specificity:

Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.

A production function is a representation of the functional relationship between the quantity of inputs employed and the quantity of output produced. It reflects the technical relationship between physical inputs and output. It also shows the flow of inputs that will produce the flow of output in a specific period.

The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply.

Features of the Factors of Production

• Land. In ordinary sense ‘land’ refers to the soil or the surface of the earth or ground.
• Labour. Labour is the active factor of production.
• Capital. Marshall says “capital consists of all kinds of wealth other than free giftsofnature,whichyield income”.
• Organization.

Over the years, researchers have identified a number of factor characteristics that are key determinants of expected stock returns. Some examples include market capitalization (size), book-to-market (value), gross or operating profitability, asset growth (investment), and past return (momentum).

Answer. The factors of 2 are: 1, 2.