Scarcity of Factors of Production | Instant Homework Solutions

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July 15th, 2021

Explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and trade offs for individuals, businesses, and governments. Students must discuss 4 factors of production: five examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capital and entrepreneurship.

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