1. A country's resources (land, labor, and capital) are used to produce the goods and services...

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1. A countrys resources (land, labor, and capital) are used to produce the goods and services that satisfy the wants of its population. For each of the following, identify whether it should be classified as land, labor, or capital and justify your conclusion. Remember to consider the economic use of these terms (i.e. land, labor, and capital). a four year college degre a. b. the software used to make Facebook available to users c. 100 shares of Microsoft stock d. the Genesee River e. A Big Mac

business economics

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Answer 1

Answer #1

a. Labor: As it produces quality labor required for the production activity

b. Capital: As it is a technology available for users to communicate

c. Capital: As it is an investment on technology

d. Land: As it is a natural resource

e. Land, Labor and capital: As to produce Big Mac, land is needed to raise chicken, labor is used to handle the process and capital is used in investment on machines

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Answer 2

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1. A country's resources (land, labor, and capital) are used to produce the goods and services...

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