Land labor capital and entrepreneur are the four factors of production.
1. Land labor capital and entrepreneur are the four factors of production. Basically, land, labor and capital used as input factors in the production process. Using the input factors in the production process, how can you explain the concept of productivity?
2. In simple sense, the opportunity cost of a choice is what you gave up in order to get something (Nash, 2020). Produce at least two examples of Opportunity cost principle in the real-life scenario.
2.1 Example 1:
2.2 Example 2:
3. Why do suppliers are fast to respond to an increase of price but slow when prices of their commodities are low. Please link the concept of inflation and deflation on your explanations.
3.1. Example 1:
3.2. Example 2:
4. When the demand of a commodity increases in the marketplace, considering that you are a supplier of such commodities, what decision making will you take? Explain your answer using 70 words.
5. Analyze the article below and give your responses to the following questions which follow.
The article: Increased investment to boost Oman’s tourism sector
The potential for tourism development projects to contribute to the Omani economy goes beyond their direct benefits, according to Ahmed Dabbous, CEO of Muriya Tourism Development, a property developer focused on the leisure segment.
“The economic multiplier effects of hotel and tourism developments are significant,” he told OBG. “Apart from job creation and infrastructure investment, we see significant engagement with small and medium-sized enterprises, as well as in the local economies where the projects are located.”
According to a government prospectus from June, at least 39 major tourism projects are at some stage of design, construction or tendering across the country.
