Friday, 23 May 2014
Fixed factors of production
Capital is often used as a fixed factor of production. Many
manufacturing firms cannot operate without a building and equipment.
This can also be said about skilled labor. Skilled labor is also a fixed
factor of production. For example, what would a hospital do without
skilled labor? In the past, there have been several times in which there
was a shortage in nurses. If you were in charge of a hospital, what
would you do to recruit skilled nurses? How would this affect the
shortage of skilled nurses in the long run?
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