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.Land is a factor of production that is limited only by the amount available.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.An economy can function well when producing outside its limitations.
Answer
A
Economies must consider their limitations when answering the three questions of economics.
B
Land is a factor of production that is limited only by the amount available.
C
Capital includes all money and physical facilities needed to create a product.
D
Labor is a factor driven by the size of the population, education, and standard of living.
E
An economy can function well when producing outside its limitations.