How do choices wind up determining what, how, and for whom goods and services are produced? Goods... more How do choices wind up determining what, how, and for whom goods and services are produced? Goods and services are the objects that people value and produce to satisfy human wants. What we produce changes over time-today we produce more DVDs and fewer video tapes than 5 years ago. Goods and services are produced using the productive resources called factors of production. These are land (the "gifts of nature", natural resources), labor (the work time and work effort people devote to production), capital (the tools, instruments, machines, buildings, and other constructions now used to produce goods and services), and entrepreneurship (the human resource that organizes labor, land, and capital). The quality of labor depends on human capital, which is the knowledge and skill that people obtain from education, work experience, and on-the-job training.
How do choices wind up determining what, how, and for whom goods and services are produced? Goods... more How do choices wind up determining what, how, and for whom goods and services are produced? Goods and services are the objects that people value and produce to satisfy human wants. What we produce changes over time-today we produce more DVDs and fewer video tapes than 5 years ago. Goods and services are produced using the productive resources called factors of production. These are land (the "gifts of nature", natural resources), labor (the work time and work effort people devote to production), capital (the tools, instruments, machines, buildings, and other constructions now used to produce goods and services), and entrepreneurship (the human resource that organizes labor, land, and capital). The quality of labor depends on human capital, which is the knowledge and skill that people obtain from education, work experience, and on-the-job training.
Uploads
Papers by Mira Blanche