Answered: 3. Define the three factors of…

3. Define the three factors of production and the differences between physical and human capital. 4. Explain how scarcity affects the factors of production.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 4QR

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

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3. Define the three factors of production
and the differences between physical
and human capital.
4. Explain how scarcity affects the factors
of production.

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