BM Final Quiz

What is Direct Cost?

Give 3 example of Monopolistic Competition.

What is Indirect Cost?

Differentiate the Variable cost and Fixed Cost.

How demand affect the cost of production?

it is a factor of production that includes physical capital and human capital.

• Land

• Labor

• Capital

• Entrepreneurship

It is one of the factor of production that deals with the natural resources such as water, minerals and raw materials.

• Land

• Labor

• Capital

• Entrepreneur

It involves the organization and coordination and coordination of other factors of production to create goods and services and assume the risks of production.

• Land

• Labor

• Capital

• Entrepreneur

It focuses on the relationship between inputs and outputs in the production process.

• Factors of Production

• Cost of Production

• Theory of Production

It is a factor of production that deals with the human efforts, skills and expertise used in production.

• Land

• Labor

• Capital

• Entrepreneur