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What are the factors of production required by jewellery shop to operate its business

User Nungster
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2 Answers

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Final answer:

The factors of production required by a jewelry shop to operate its business are land, labor, capital, and entrepreneurship.

Step-by-step explanation:

The factors of production required by a jewelry shop to operate its business are land, labor, capital, and entrepreneurship. Land refers to the physical location of the shop, labor includes the employees who work in the shop, capital refers to the financial resources needed to purchase inventory and equipment, and entrepreneurship represents the management and decision-making skills of the shop owners.

For example, the land where the shop is located provides a space for displaying and selling jewelry. The employees are responsible for tasks such as customer service, jewelry design, and inventory management. The capital is used to purchase jewelry, showcases, and other equipment, while entrepreneurship drives the overall strategy and success of the shop.

User Andrew Gilmartin
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10 votes

Answer:

See explain

Step-by-step explanation:

There are 4 factors of production, land labor entreprenuership and capital.

The land of the jewellery shop would be the actual land that the store is on itself. The labor of the shop would be any of the work that any employees are doing. The capital would be any goods or machinery that is used in the store like cash registers, or bulletproof glass to protect their belongings, or any tools that the store uses to help make their jewellery etc. The last and final factor entrepreneurship might be for example the owner of the store, who manages the other 3 factors to bring a profit to the store.

User Andrew Hedges
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