Table of Contents
- 1 What are the four agents of production?
- 2 Which of the four agents of production is said to be entitled to the surplus of productivity?
- 3 Which of the four agents of production is the last agent to be satisfied?
- 4 What is a foreclosure procedure?
- 5 What is highest and best use in real estate?
- 6 How many production agent are there?
What are the four agents of production?
Explanation: The production of real estate requires the inputs of the four factors or agents of production: land, labor, capital, and entrepreneurship.
What are the four stages of a property’s life cycle?
The four phases of the real estate cycle are recovery, expansion, hyper supply, and recession.
Which of the four agents of production is said to be entitled to the surplus of productivity?
Cards
| Term Four agents of production | Definition Land Labor Capital Entrepreneurial coordination |
|---|---|
| Term Surplus Productivity | Definition the net income that remains after the costs of various agents of production have been paid |
What is surplus productivity?
Surplus productivity refers to the income earned by land. This is the net income after the costs for other productive factors (labor, management and capital) are taken into account. Land value is dependent on the costs of these other productive elements.
Which of the four agents of production is the last agent to be satisfied?
After subtracting out the income attributable to these three agents, any remaining (residual) income is applied to the fourth and last agent of production, which is land.
What is production agent?
noun. a resource or input entering the production of wealth, such as land, labour, capital, etc. Also called: agent of production.
What is a foreclosure procedure?
In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.
What is surplus principle?
According to Marx’s theory, surplus value is equal to the new value created by workers in excess of their own labor-cost, which is appropriated by the capitalist as profit when products are sold.
What is highest and best use in real estate?
Highest and Best Use, Defined The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value.
What is consistent use?
Consistent Use is an appraisal principle requiring that the land and the improvements be valued on the same basis. It is improper to value the land at one use and the improvements at another use. Improvements must contribute to land value to have any value themselves.
How many production agent are there?
Answer: 2 production agent is there one male and one female.