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Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.
- a)Social Cost
- b)Explicit Cost
- c)Real Cost
- d)Implicit Cost
Correct answer is option 'C'. Can you explain this answer?
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Cost in terms of pain, discomfort, disability involved in supplying th...
REAL COST
The overall actual expense involved in creating a good or service for sale to consumers. The real cost of production for a business typically includes the value of all tangible resources such as raw materials and labor that are used in the production process.
The overall actual expense involved in creating a good or service for sale to consumers. The real cost of production for a business typically includes the value of all tangible resources such as raw materials and labor that are used in the production process.
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Cost in terms of pain, discomfort, disability involved in supplying th...
Real Cost in Terms of Pain, Discomfort, and Disability
Real cost refers to the actual cost of production that includes all the expenses incurred by the owner of the factors of production. It includes both explicit and implicit costs, as well as the cost in terms of pain, discomfort, and disability.
Factors of production include land, labor, capital, and entrepreneurship. The owners of these factors of production incur various costs to supply them for production. These costs may include the following in terms of pain, discomfort, and disability:
1. Physical Labor: Workers may need to perform physically demanding tasks that can cause pain and discomfort. For example, construction workers may have to lift heavy objects or work in awkward positions for long periods.
2. Exposure to Hazardous Substances: Workers may be exposed to hazardous substances in the workplace, such as chemicals or asbestos, which can cause long-term health problems.
3. Mental Stress: Workers may experience mental stress due to demanding work schedules or job insecurity, which can lead to physical problems such as headaches and insomnia.
4. Physical Disabilities: Workers with physical disabilities may face additional challenges in the workplace, such as difficulty with mobility or performing certain tasks.
All of these factors can contribute to the real cost of production. Owners of the factors of production must take these costs into account when determining the overall cost of production. By doing so, they can make informed decisions about how to allocate resources and improve the efficiency of production processes.
Real cost refers to the actual cost of production that includes all the expenses incurred by the owner of the factors of production. It includes both explicit and implicit costs, as well as the cost in terms of pain, discomfort, and disability.
Factors of production include land, labor, capital, and entrepreneurship. The owners of these factors of production incur various costs to supply them for production. These costs may include the following in terms of pain, discomfort, and disability:
1. Physical Labor: Workers may need to perform physically demanding tasks that can cause pain and discomfort. For example, construction workers may have to lift heavy objects or work in awkward positions for long periods.
2. Exposure to Hazardous Substances: Workers may be exposed to hazardous substances in the workplace, such as chemicals or asbestos, which can cause long-term health problems.
3. Mental Stress: Workers may experience mental stress due to demanding work schedules or job insecurity, which can lead to physical problems such as headaches and insomnia.
4. Physical Disabilities: Workers with physical disabilities may face additional challenges in the workplace, such as difficulty with mobility or performing certain tasks.
All of these factors can contribute to the real cost of production. Owners of the factors of production must take these costs into account when determining the overall cost of production. By doing so, they can make informed decisions about how to allocate resources and improve the efficiency of production processes.
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Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer?
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Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer?.
Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cost in terms of pain, discomfort, disability involved in supplying the various factors of production by their owners are termed as________.a)Social Costb)Explicit Costc)Real Costd)Implicit CostCorrect answer is option 'C'. Can you explain this answer?.
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