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Things that are needed to produce goods and services are called ...
  • a)
    Efficient use of resources
  • b)
    Factors of production
  • c)
    Economic systems
  • d)
    Private property 
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Things that are needed to produce goods and services are called ...a)E...
For a production of goods , we need land , labour, capital and organisation ( Technology or entrepreneur) . That's called factors of production .so option b is correct . you have to think , whether without any of the following one ,the production is possible? and the answer is Big no
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Things that are needed to produce goods and services are called ...a)E...
Factors of production


  • Labor: The physical and mental effort that people contribute to the production of goods and services.

  • Land: Natural resources such as water, minerals, and forests that are used in the production process.

  • Capital: The tools, machinery, equipment, and buildings used in production.

  • Entrepreneurship: The ability to combine the other factors of production to create goods and services.

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Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

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Things that are needed to produce goods and services are called ...a)Efficient use of resourcesb)Factors of productionc)Economic systemsd)Private propertyCorrect answer is option 'B'. Can you explain this answer?
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