Question

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 1

Labor is a ... of living. & Economies ... questions of economics. & Capital ... to create a product.

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Answer 2

1. Economies must consider their limitations when answering the three questions of economics.

3. Capital includes all money and physical facilities needed to create a product.

4. Labor is a factor driven by the size of the population, education, and standard of living.