Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of garments one weaver makes per hour.
Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of garments one weaver makes per hour.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter1: What Is Economics
Section: Chapter Questions
Problem 13AA
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Transcribed Image Text:Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and
services a worker can produce per hour-is measured by the number of garments one weaver makes per hour.
In the following table, select the appropriate productivity determinant that represents each example.
Human Capital
per Worker
Natural Resources
per Worker
Examples
A special technique that workers can use to
create stronger textiles
The looms used to weave the textiles
The accumulated weaving experience of the
workforce
The grasslands supporting the sheep whose
wool is used for weaving
O
Physical Capital
per Worker
O
Technological
Knowledge
O
O
Expert Solution
Step 1
Physical capital is human made-object which used in the production of goods.
Human capital is skills, knowledge, and abilities that a person acquired which affects the productivity of workers.
Natural resources are non-human objects used in the production of goods.
Technology can be anything that helps to increase the production of goods.
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