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.
You might also like to view...
If housing prices have increased for the past 20 years, it is almost certain that prices will increase the following year
a. True b. False Indicate whether the statement is true or false
A monopoly can be losing money in the ____________, but not in the ____________.
A. short run; short run B. long run; long run C. long run; short run D. short run; long run
Assuming a market interest rate of 6 percent per year, what is the present value of $5,000 payable at the end of three years?
A) $4,717 B) $4,450 C) $4,198 D) $4,317
Rent control is an example of
A. the rationing function of prices not working. B. a price ceiling. C. the government increasing the demand for certain products. D. a price floor.