« previous next »

Author Question: List and briefly describe the five factors of production. What will be an ideal ... (Read 155 times)

MirandaLo

  • Hero Member
  • *****
  • Posts: 538
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
Buy Test-Bank


amanda_14

  • Sr. Member
  • ****
  • Posts: 342
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Gibberellin works by releasing trapped transcription factors. Gibberellin works by releasing trapped transcription factors.
Primary factors affecting blood pressure Primary factors affecting blood pressure
Physiological Factors Affecting Medication Responses in Older Adults Physiological Factors Affecting Medication Responses in Older Adults
Cell surface recognition factors Cell surface recognition factors
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ... Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Major Minerals List Major Minerals List
Video: HIV Infection: Viral life cycle

For a complete list of videos, visit our video library