Unit 4: Business Production Behavior

Introduction

What’s in This Chapter? This unit describes typical production behavior of businesses, and explains the difference between short-run and long-run production behavior. Businesses use different types of resources to produce...

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Section 1: Factors of Production

Factors of Production The three types of factors of production (inputs) are: 1. Land. Land includes land and other natural, non-man-made materials, such as raw materials, energy sources, and trees. The payment for the use of...

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Section 4: Factor Price Interferences

Examples of Government Price Controls In most countries around the world when it comes to factor prices, there is a significant degree of government interference. In the labor market, the establishment of a minimum wage means...

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Test Your Knowledge!

  Time limit: 0 Quiz-summary 0 of 10 questions completed Questions: 1 2 3 4 5 6 7 8 9 10 Information This is a ten question multiple-choice quiz covering the material in this Unit. I hope you do well! You have already...

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