Identify and describe the three factors of ...

[APUS57]

Identify and describe the three factors of production.

Question 2

Describe the difference between demand-pull and cost-push inflation.

[chreslie]

Answer to Question 1

Natural resources are the raw materials that come from the earth; human resources are the labor of people who work to create goods and services; capital resources are buildings, money, equipment, and factories used in production.

Answer to Question 2

Demand-pull inflation results when demand exceeds supply, so prices tend to rise. In cost-push inflation, expenses of businesses increase, causing prices to rise.