In the long run,an economy's production of goods and services depends on its supply of
A)labor,natural resources,capital,and available technology.
B)labor,natural resources,and capital only.
C)labor,and natural resources only.
D)labor only.

Question

In the long run,an economy's production of goods and services depends on its supply of​
A)​labor,natural resources,capital,and available technology.
B)​labor,natural resources,and capital only.
C)​labor,and natural resources only.
D)​labor only.

Quizplus · Accepted Answer

An economy's production of goods and services depends on its supply of labor, natural resources, capital, and available technology. All these factors of production contribute to the production and supply of goods and services, and they are interdependent on each other. For example, capital (machinery, equipment, buildings, etc.) requires labor to operate and maintain, while labor requires capital to produce goods and services efficiently. Natural resources such as land, water, and minerals are also essential inputs to production. Technology is crucial for improving the efficiency and productivity of labor and capital, making it an important determinant of economic growth and development. Therefore, all factors of production are necessary for economic production and growth.

In the Long Run,an Economy's Production of Goods and Services