Labor, human capital, and entrepreneurship are resources related to human beings. Distinguish among the three resources
What will be an ideal response?
Labor is the work done by human beings. Human capital refers to the worker education and training that makes human beings more productive. Whenever a worker's skills increase, there has been an improvement of human capital. Entrepreneurship refers to the use of human beings in organizing, managing, and assembling the other factors of production to make business ventures.
Economics
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When average costs of production are falling, average cost:
a. is higher than marginal cost. b. is equal to price. c. is negative. d. is less than marginal cost.
Economics
On average across the world, the underground economy is worth about:
A. one-half of GDP. B. one-tenth of GDP. C. one-quarter of GDP. D. one-third of GDP.
Economics