Ron’s Woodworking supplies high quality wooden bowls made from exotic hardwoods from around the world for its customers. Ron has hired several employees. Explain two factors that impact Ron’s demand for workers in his shop. Ron is considering hiring a new worker. Assuming that Ron wishes to maximize profits, how should he make the decision to hire or not hire the next worker? Explain your reasoning. Ron has recently purchased a new lathe that will allow the production of several bowls from a single block of wood, greatly increasing the productivity of the workers in his shop. How will the increased productivity of Ron’s workers impact the number of workers he employs? Why?

idk

explanation:

bc why nah

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know