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

the answer is : Economies must consider their limitations when answering the three questions of economics.

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.

Answer 2

When considering the variables in production labour, capital and economical limitations tend to affect production

They are various factors that affect production or slow down the production process. The following are them;

-> Economies must consider their limitations when answering the three questions of economics. Some state policies can affect how businesses are run. An example is a government placing a ban on importation of goods, when that is considered all business that has to do with imports would be affected

-> Capital includes all money and physical facilities needed to create a product. Where capital is limited or not available it could influence production

-> Labor is a factor driven by the size of the population, education, and standard of living

When considering the variables in production labour, capital and economical limitations tend to affect production.

When each or all these are out of the picture there would be limitations in production.

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