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.

Question

Isaias Gomez

Social Studies

19 September, 05:14

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.

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Answers (1)

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Nobel · Answer 1

The statement that corectly identify limitations of the production is:

Economies must consider their limitations when answering the three questions of Economics

For example, if you live in the middle of desert, trying to grow a tropical fruit will be very unlikely to be a viable business.