Resources and Scarcity Answers

The three questions of economics are based on decisions made by economies.What statement best describes why economies must make these decisions?

Economies must answer the three economic questions because resources are.

If an economy does not answer the three economic questions, resources may.

consequences can result when an economy does not answer the three economic questions.

Which statements correctly identify limitations of the factors of production? Check all that apply.Economies must consider their limitations when answering the three questions of economics.Land is a factor of production that is limited only by the amount available.Capital includes all money and physical facilities needed to create a product.Labor is a factor driven by the size of the population, education, and standard of living.An economy can function well when producing outside its limitations.

Land, labor, and capital also are known as factors of.