Factors of production, HUH?
Here's an acronym to help remember the factoradio of production.
C- capital ( physical: tools, building, and factories)( human: skills, abilities,knowledge,and talent
E- entreprenuership
L- labor
L- land
What's a PPC?
It is an production probability curve, that shows the alternative ways to use an economics resource.
This stuff also keeps me up pondering to understand!
ReplyDeleteThe acronym is very easy to set to memory. Thank you Meika, you really eased the factors of production. Don't forget to include human capital and physical capital, they're very different.
This stuff also keeps me up pondering to understand!
ReplyDeleteThe acronym is very easy to set to memory. Thank you Meika, you really eased the factors of production. Don't forget to include human capital and physical capital, they're very different.