Author Question: Identify and describe the three factors of production.[br][br][b][color=#566D7E]Question ... (Read 108 times)

APUS57

  • Hero Member
  • *****
  • Posts: 571
Identify and describe the three factors of production.

Question 2

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



chreslie

  • Sr. Member
  • ****
  • Posts: 307
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

For a complete list of videos, visit our video library