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

Social Studies

Talan Mendoza

4 February, 18:19

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.

+3

Answers (1)

Know the Answer?

Sundance · 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.