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2 years ago

Which statements correctly identify limitations of the factors of production? Check all that apply.

Social Studies

2 answers:

san4es73 [151]2 years ago

8 0

the answer is : Economies must consider their limitations when answering the three questions of economics.

Capital includes all money and physical facilities needed to create a product.

Labor is a factor driven by the size of the population, education, and standard of living.

riadik2000 [5.3K]2 years ago

6 0

The correct options are:

Economies must consider their limitations when answering the three questions of economics.
Capital includes all money and physical facilities needed to create a product.
Labor is a factor driven by the size of the population, education, and standard of living.

In economics, the factors of production are the resources used to produce goods and services that meet human needs All goods, which are provided in a society, are achieved through the use of productive factors. large classes: land, labor, capital and organization. The production transformed into income is distributed among them, thus obtaining a remuneration.

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2 years ago

Stage theories hold that the sequence of development is ________.

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Suppose Canada has a population of 30 million people and a labor force participation rate of 2/3. Furthermore, suppose the natur

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Answer:

the unemployment rate is above the natural rate of unemployment

Explanation:

The unemployment rate may be defined as the percent of the unemployed people in a total labor force. Workers may be considered as unemployed when they do not work currently, but they are willing to work and are able to do so.

The total labor force of a country includes all the employed as well as the unemployed people within the economy.

The natural rate of unemployment is defined as the unemployment rate which exist in a growing economy.

In the context, total population is given = 30 million

Labor force participation rate = 2/3.

Therefore, labor force = 2/3 of 30 million

= 20 million people

The natural rate of unemployment in Canada is given = 7%

The current unemployed people is = 2 million

Therefore, unemployment rate = (unemployed people/total labor force) x 100

= (2/20) x 100

= 10 %

Thus

natural rate of unemployment in Canada is 7%

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From here we can see that the unemployemnet rate is higher than the natural rate of unemployment in Canada.

Hence the answer is ---

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2 years ago

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