The factors of production are which of the following?
a. The outputs generated by the production process of transforming land, labor, and capital into goods and services.
b. The land resources, such as natural resources, that are unimproved by human economic activity.
c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories).
d. Labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
c
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Consider two countries—A and B. Country A is characterized by a command economy, absence of property rights, high entry barriers for new businesses, and forced child labor
Country B, on the other hand, is characterized by well-defined private property rights, a developed market system, and no entry barriers for new businesses. Which of the two countries is likely to oppose creative destruction more? Why?
Figure 9.1 shows three aggregate demand curves. A movement from curve AD1 to curve AD2 could be caused by a(n)
A) increase in the money supply. B) decrease in government spending. C) increase in taxes. D) increase in the price level.