which statements correctly identify limitations of the factors of production? check all that apply…

which statements correctly identify limitations of the factors of production? check all that apply. 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. an economy can function well when producing outside its limitations.

which statements correctly identify limitations of the factors of production? check all that apply. 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. an economy can function well when producing outside its limitations.

Answer

Brief Explanations:

  • Economies indeed consider limitations when answering economic questions. Land's availability is a key limitation. Capital includes financial and physical resources. Labor depends on population - size, education, etc. An economy cannot function well beyond its production - factor limitations.
  • Statement 1: True as economies must account for production - factor limitations.
  • Statement 2: True as land availability is a major limitation.
  • Statement 3: True as capital encompasses money and physical facilities for production.
  • Statement 4: True as labor is influenced by population - related aspects.
  • Statement 5: False as an economy cannot function well outside its production - factor 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.