What Are the Five Factors of Production

question 45

Essay

What are the five factors of production?

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Definitions:

Plastic Crash Dummies

Models made of plastic and other materials designed to simulate human physical responses in vehicle crash testing to improve safety.

Validity Effect

The phenomenon where a belief or a statement is more likely to be accepted as true the more it is repeated or encountered, regardless of its actual validity.

Exposure Effect

The psychological phenomenon where repeated exposure to a stimulus increases an individual's preference for that stimulus.

Contrast Effect

A psychological phenomenon wherein the perception or judgment of something is influenced by the comparison with something else, often leading to exaggeration of differences.