the factors of production\nwhich statements correctly identify limitations of the factors of production…

the factors of production\nwhich statements correctly identify limitations of the factors of production? check all that apply.\neconomies must consider their limitations when answering the three questions of economics.\nland is a factor of production that is limited only by the amount available.\ncapital includes all money and physical facilities needed to create a product.\nlabor is a factor driven by the size of the population, education, and standard of living.\nan economy can function well when producing outside its limitations.

the factors of production\nwhich statements correctly identify limitations of the factors of production? check all that apply.\neconomies must consider their limitations when answering the three questions of economics.\nland is a factor of production that is limited only by the amount available.\ncapital includes all money and physical facilities needed to create a product.\nlabor is a factor driven by the size of the population, education, and standard of living.\nan economy can function well when producing outside its limitations.

Answer

Brief Explanations:

  1. Economies must consider limitations of factors of production as resources are scarce. Land has finite availability. Labor is related to population - size, skills etc. Capital has constraints in terms of available funds and infrastructure. Producing outside limitations can lead to inefficiencies.
  2. Land is limited by its quantity and quality.
  3. Capital is not just money but also physical assets and is limited by investment capacity and availability of resources for building infrastructure.
  4. Labor depends on population size, education level and work - force participation rate.
  5. An economy cannot function well when producing outside its resource and production - capacity limitations.

Answer:

Economies must consider their limitations when answering the three questions of economics. Land is a factor of production that is limited only by the amount available. 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.