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...
On which type of unemployment can monetary policy have the most effect? Why?
What will be an ideal response?
The purchasing power of money decreases as the price level increases.
Answer the following statement true (T) or false (F)
Suppose that the price of a laptop computer drops from $700 to $550. Quantity demanded for laptop computers will ________ and consumer surplus will ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
Use the IS-LM model to answer this question. Suppose there is a simultaneous increase in taxes and reduction in the money supply. Explain what effect this particular policy mix will have on output and the interest rate. Based on your analysis, do we know with certainty what effect this policy mix will have on investment? Explain
What will be an ideal response?