Labor, human capital, and entrepreneurship are resources related ...

[lak]

Labor, human capital, and entrepreneurship are resources related to human beings. Distinguish among the three resources.
 
  What will be an ideal response?

Question 2

A price system is considered to be efficient when
 
  A) it fails to have the goods that consumers want.
  B) an underground market develops.
  C) all resources are allocated to the highest-valued uses.
  D) firms produce more than what consumers want.

[flannelavenger]

Answer to Question 1

Labor is the work done by human beings. Human capital refers to the worker education and training that makes human beings more productive. Whenever a worker's skills increase, there has been an improvement of human capital. Entrepreneurship refers to the use of human beings in organizing, managing, and assembling the other factors of production to make business ventures.

Answer to Question 2

C

[lak]

YES! Correct, THANKS for helping me on my review

[helenmarkerine]

Thanks for the timely response, appreciate it