Holding all factors of production constant except for labor, what happens in an economy when real GDP output increases?   The unemployment rate falls and in employment rate increases. The level of technology increases as the economy expands. The level of capital increases as the economy expands. All of the answers are correct.

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.