Introducing
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chapter 1 review
Land: Tree
Capital: sAw
labor: person who used the saw
entrepreneur: person who started the business
Productivity can promote growth by enabling more goods to be produced by the same amount of factors.
The circular flow diagram demonstrates how resources owners, such as individuals, sell their labor or wages. Resources owners then spend the wages to purchase goods and services produced by the business.
Under Normal circumstances, yes, an entrepreneur could employ all of factors of production. But workers sometimes get sick, power outages or machine breakdowns occur, and other events may interfere with attempts to fully employ resources.
Production is at less than capacity less cars , fewer clothing are produced than can be produced if all resources are being fully used
Alpha could not produce any clothing because of its available resources would be used to produce the cars
1. wealth is defined as tangible good; a dcommunications network is an example of a tangible good. An education is not tangible, so it's not considered part of nations wealth.
2. a cell phone is produced for whomever can afford to buy it. Our government does not dictate who can buy a phone or the price to available to certain classes. However, demand from people with varying levels of income may influence the manufacturers decision to target the product at a high-end or low-end market