What determines the value of an item? the amount of goods that are produced the capital required to build the factory the unlimited wants of the consumers the resources consumed in production

The resources consumed in production determine the value of an item.

Explanation:

When determining the value of a product, various methods could be used. However, the widely accepted one is to calculate value taking into consideration, the amount of resources that has been used to produce the product. There are four main types of resources that go into making a product. They are land, labor, capital and entrepreneurship. The various resources such as natural resources, human resources, finances as well as unique skills and competencies fall under each of these categories respectively.  

Further Explanation:

The resources that are being used to produce a good are also known as factors of production. They are as follows;

Land – This refers to the natural resources that are being used in producing goods. The value of this resource can either appreciate or diminish based on the type of industry.  Land itself, natural oils and minerals are some examples for this resource.

Labor - It is the human effort that is being used to bring a product to life. Labor could be either physical or mental. Construction workers are an example for physical labors. Mental labor shall include areas such as software engineers and consultants.  

Capital – This is the means by which a business purchases capital goods, pay salaries and wages.  Capital goods are the ones that are being held by business that is being used in the production process.  Vehicles and machinery are some examples for capital.  

Entrepreneurship – This is the glue that bonds all factors aforesaid. The novel thinking and risk taking nature of the business owner is the simple idea behind this. All other resources shall be put to optimum use by the entrepreneur. Entrepreneurs are known for presenting innovations that are most of the time much instrumental in changing the present landscape. New products, new production methods and new resources could be discovered by entrepreneurs.    

Learn more:

1. Capital goods (answer by youaskianswer)

2. Factors of production (answer by sabinekabuika20)

Keywords:

Capital goods, Factors of production, Entrepreneurship, Value, Land, Labor, Resources

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