Question

1. how did frederick w. taylors studies impact industry in the early 1900s? 2. what are the factors of production? 3. why were corporations formed, and how are they run? 4. how do monopolies and trusts differ?

Explanation:

1. Frederick W. Taylor's studies introduced scientific management, which increased efficiency by analyzing work - processes, setting standards, and improving worker - management relations.
2. The factors of production are land, labor, capital, and entrepreneurship. Land includes natural resources, labor is human effort, capital is tools and equipment, and entrepreneurship organizes the other factors.
3. Corporations were formed to raise large amounts of capital, limit liability of owners, and have perpetual existence. They are run by a board of directors elected by shareholders and day - to - day operations are managed by executives.
4. A monopoly is a single firm controlling an industry. A trust is a legal arrangement where multiple firms are combined under a single board of trustees, often to reduce competition and gain market power.

Answer:

1. Introduced scientific management to increase efficiency.
2. Land, labor, capital, entrepreneurship.
3. Formed to raise capital and limit liability; run by board of directors and executives.
4. Monopoly is a single firm, trust is a combination of firms under trustees.