Multiple Choice
Which of the following is an example of capital as a factor of production?
29
views
0. Basic Principles of Economics
Factors of Production
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following would be considered part of the general environment of a firm?
A
Changes in government regulations
B
Employee skill levels within the firm
C
The firm's production technology
D
Inventory management practices
Verified step by step guidance1
Understand the concept of the 'general environment' in microeconomics, which refers to external factors that affect a firm but are outside its direct control.
Identify that the general environment includes elements such as political, economic, social, technological, environmental, and legal factors.
Recognize that changes in government regulations fall under the political and legal factors of the general environment because they are external and influence the firm's operations.
Note that employee skill levels, the firm's production technology, and inventory management practices are internal factors, as they relate directly to the firm's resources and processes.
Conclude that among the options given, only 'Changes in government regulations' is part of the general environment of a firm.
3:09mWatch next
Master Land, Labor, and Physical Capital with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Factors of Production practice set
Problem sets built by lead tutorsExpert video explanations