WebJan 4, 2024 · Choices concerning what goods and services to produce are choices about an economy’s use of its factors of production, the resources available to it for the production … Webfactors of production. Land, labor, and capital; the three groups of resources that are used to make all goods and services. physical capital. the human-made objects used to create …
Scarcity: What It Means in Economics and What Causes It …
WebJun 7, 2007 · Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The … WebSolution. Land is the scarce factor of production. Other scarce factors include labor, capital, and entrepreneurship. Suggest Corrections. 0. advise nghia la gi
Chapter 2: Confronting Scarcity: Choices in Production
WebFactors of Production: • These are the resources that are used to produce goods and services. • Land- all natural resources. • Labor- Task completed by a person who is paid. • … WebScarcity and the Factors of Production. Chapter 1: Section 1. Need-Air, Food, Shelter. Want-An item we desire but not necessary for survival. Economics. is the study of how people … WebJan 4, 2024 · Figure 2.8 Idle Factors and Production The production possibilities curve shown suggests an economy that can produce two goods, food and clothing. As a result … adviser auditores