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30 Sep 2019

An understanding of the best ways to produce goods and services is called: 

 

(i) productivity 

(ii) technology 

(iii) labor

(iv) capital

 

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Beverley Smith
Beverley SmithLv2
25 Jun 2019

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Related questions

Which factors are considered when deciding how to make goods and services?
 
(i) determining who has the greatest need
(ii) finances of prospective buyers
(iii) methods traditionally used to make a good
(iv) ways to produce items at a lower cost or higher quality
(v) ways to make the biggest profit 

 

Capital can be differentiated between physical capital and human capital. Human capital is: 
 
(i) the new development in machinery and software.
(ii) the knowledge and skills workers acquire from education and training or their life experiences.
(iii) the energy use to bring together the factors of production to produce goods and services.
(iv) the goods manufactured to produce other goods and services. 
When a country saves a larger portion of its GDP than it did before, it will have: 
 
(i) more capital and lower productivity. 
(ii) more capital and higher productivity.
(iii) less capital and lower productivity.
(iv) less capital and higher productivity.

 

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