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Author Question: List and briefly describe the five factors of production. What will be an ideal ... (Read 156 times)

MirandaLo

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on: Jun 30, 2018
List and briefly describe the five factors of production.
 
  What will be an ideal response?

Question 2

Which of the following statements is true?
 
  A) Proximate causes of prosperity are shaped by fundamental causes of prosperity.
  B) Proximate causes of prosperity are effective only in the short run.
  C) Fundamental causes of prosperity are effective only in the short run.
  D) Fundamental causes of prosperity are shaped by proximate causes of prosperity.
Macroeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 7th Edition
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amanda_14

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Natural resourcesthose resources provided by nature. Laborthe physical and mental effort used by people to produce goods and services. Physical capitalthe infrastructure, equipment, machines and structures used to produce goods and services. Human capitalthe knowledge and skills obtained by workers through education and experience. Entrepreneurshipthe organizing and coordination of the other four factors of production needed to produce and sell products.

Answer to Question 2

A


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