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Author Question: Identify and describe the three factors of production.[br][br][b][color=#566D7E]Question ... (Read 109 times)

APUS57

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on: Jun 24, 2018
Identify and describe the three factors of production.

Question 2

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


chreslie

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Reply #1 on: Jun 24, 2018
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.


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