why are land, labor, and capital are considered resources? Give your reasoning.

Expert Solution

Rahul Sunny answered 8 months ago

Class, there are four limited resources: land, labor, capital, and entrepreneurial ability. Given the role of...

Class, there are four limited resources: land, labor, capital, and entrepreneurial ability. Given the role of the entrepreneur is he/she crucial to the production process? Provide an example.

Does supply and demand laws apply to labor, capital, and land? Why or why not?

Economics studies how society allocates its scarce productive resources (land, labor, capital, and entrepreneurial talent). Prior...

Economics studies how society allocates its scarce productive resources (land, labor, capital, and entrepreneurial talent). Prior to beginning work on this discussion, read Chapter 2 in the course text, especially examining Sections 2.2 through 2.4, and respond to the following components: Briefly describe the types of economic systems. What is the United States’ economic system and what are the characteristics of this economy? What economic role or functions does the U.S. government conduct regularly? Why is the U.S. government’s economic...

Explain the factors shaping patterns of growth. (Tech., Land, Natural Resources, Capital)

write a short essay on cubas abundance of natural resources such as land, labour, capital or...

write a short essay on cubas abundance of natural resources such as land, labour, capital or energy resources?

Suppose that land is specific to agriculture, capital is specific to manufacturing, and labor is mobile...

Suppose that land is specific to agriculture, capital is specific to manufacturing, and labor is mobile between sectors. If you know that the nominal rental of capital and labor in manufacturing has fallen, then what can you say about the changes in the prices of manufactured goods and agricultural goods?

1. Give an example of a capital budgeting project that would be considered “independent”. Give an...

1. Give an example of a capital budgeting project that would be considered “independent”. Give an example of a capital budgeting project that would be considered “mutually exclusive”.

Suppose that land is specific to corn, capital is specific to automobiles, labor is mobile between...

Suppose that land is specific to corn, capital is specific to automobiles, labor is mobile between sectors, and payments are as follows: Automobiles: Sales revenue = 200; payments to labor = 100; payments to capital = 100 Corn: Sales revenue = 100; payments to labor = 40; payments to land = 60 Holding the price of automobiles constant, suppose the increase in the price of corn is 20% and the increase in the wage is 10%. What is the impact...

Why are share repurchases considered a "return of capital" to shareholders?

how are the 4 factors of production (land, labor, capital, and entrepreneurship) used in foreign manufacturing?

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