Three questions of economics

Which statements correctly identify limitations of the factors of production? Check all that apply.

-economies must consider their limitations when answering the three questions of economics -capital includes all money and physical facilities needed to create a product -labor is a factor driven by the size of the population, education, and standard of living

The three questions of economics are based on decisions made by economies. What statement best describes why economies must make these decisions?

Economies must make these decisions because resources are limited.

Use the drop-down menus to complete each sentence. Land, labor, and capital also are known as factors of __________. Economies must answer the three economic questions because resources are _______. If an economy does not answer the three economic questions, resources may ___ ___. ________ consequences can result when an economy does not answer the three economic questions.

- production - limited - run out - Negative