Briefly Explain the Factors of Production and Give an Example

question 381

Essay

Briefly explain the factors of production and give an example of each.

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Definitions:

Marginal Benefit

The additional contentment or utility that comes from the consumption or production of an extra unit of a good or service.

Marginal Cost

The expense associated with manufacturing an extra unit of a product.

Tutoring

A form of education where an individual provides personalized instruction to a student or a small group of students.

Marginal Benefits

The incremental satisfaction received from the consumption of one additional unit of a good or service.